Open Access. Powered by Scholars. Published by Universities.®
- Publication Type
Articles 1 - 2 of 2
Full-Text Articles in Law
Reconciling The Municipal Pension Problem With Chapter 9'S Automatic Stay: A Case Note On In Re City Of San Bernardino, Michael Simon
Reconciling The Municipal Pension Problem With Chapter 9'S Automatic Stay: A Case Note On In Re City Of San Bernardino, Michael Simon
The Journal of Business, Entrepreneurship & the Law
Using In re City of San Bernardino as a springboard, this Note explores both the descriptive and analytic dimensions of a municipality seeking relief from its pension woes within the context of Chapter 9 of the Bankruptcy Code. As a descriptive matter, this Note illustrates that municipalities need alternative solutions to address the growing public pension problem besides issuing municipal bonds. Given the structure of certain public defined benefit pension systems, the strategy of issuing municipal bonds to raise cash has substantial disadvantages. In certain contexts, Chapter 9 of the Bankruptcy Code provides a significantly better alternative. Unlike a business …
Essay: Resolving The Public Pension 'Crisis', Jack M. Beermann
Essay: Resolving The Public Pension 'Crisis', Jack M. Beermann
Faculty Scholarship
The high profile bankruptcy filing by the City of Detroit, Michigan, has brought to the fore the relationship between pension underfunding and the financial difficulties faced by an increasing number of municipalities and states in the United States. The problem is likely to continue to grow with more municipalities finding it necessary to explore the bankruptcy option or otherwise attempt to reduce pension and other obligations to employees and retirees. This essay is an effort to provoke discussion of the normative issues surrounding pension reform, mainly concerning how public employees and retirees should be treated in municipal bankruptcy. Should pension …