Municipal Pensions - Partial Involuntary Bankruptcy CEPersVid-10

The way to solve the financial problems of the nations state and local governments is to enact a law permitting residents to file an involuntary petition in partial bankruptcy, to give the bankruptcy judge the authority to change payroll and pension agreements, rights and obligations as to all officials, employees and consultants of the Municipality, both past, present and future, and to make such arrangements just and equitable, so that the other residents are not taxed inequitably to pay for Municipal excesses, and so that residents do not lose needed Municipal services. The Municipality would also have the right to file, a voluntary petition.

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News & Politics

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• Municipality
• financial
• state
• county
• local
• government
• involuntary
• partial
• bankruptcy
• payroll
• pension
• fund
• agreements
• rights
• obligations
• modification
• officials
• employees
• consultants
• union
• non-union
• just
• equitable
• carl
• person
• CEPersVid

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You're right in that government will soon meet the same fate as GM regarding pensions. But a retrocative denial of pension promises to those who are unable to return to work will never pass political scrutiny. What about reforming current employee contracts that allows for a conversion of their pension plan to a 401k, ending the payments to future recipients in perpetuity? Start the account with a percentage of pension contributions already made by the worker and they contribute the rest.