Judge rules in favor of Stockton bankruptcy plan
SACRAMENTO, CA - Anne Stausboll, Chief Executive Officer of the California Public Employees’ Retirement System (CalPERS) issued this statement in response to a federal bankruptcy judge’s ruling that confirms the City of Stockton’s plan of adjustment to exit bankruptcy:
“We are pleased that the City of Stockton will emerge from bankruptcy and can now chart a path forward under a plan of adjustment that protects the pension promises made to its public employees. The City of Stockton has always said it values pensions for its current and retired public employees. The judge recognized that the city's employees and retirees have already made significant concessions with respect to their pension and health benefits and that further impairing pensions would harm them even more. The City has made a smart decision to protect pensions and find a reasonable path forward to a more fiscally sustainable future. We will continue to champion the integrity and soundness of public pensions – to protect the benefits that were promised to the active and retired public employees who participate in the CalPERS pension plan.”
CalPERS is the largest public pension fund in the U.S., with approximately $300 billion in assets. CalPERS administers health and retirement benefits on behalf of 3,089 public school, local agency, and state employers. There are nearly 1.7 million members in the CalPERS retirement system and more than 1.3 million members in its health plans. For more information about CalPERS, visit www.calpers.ca.gov.
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