WASHINGTON--(BUSINESS WIRE)--The following is a statement by Hank Kim, Esq., Executive Director and Counsel of the National Conference on Public Employee Retirement Systems (NCPERS):
“The National Conference on Public Employee Retirement Systems (NCPERS) applauds Judge Christopher M. Klein’s decision today to accept Stockton, CA’s Plan of Adjustment. His ruling means the city will be able to emerge from two years of financial uncertainty with its public pensions and public safety services intact. Stockton was forced to file for bankruptcy in 2012 as a last resort, after the Great Recession abruptly halted the city’s housing boom and Stockton effectively became ground zero for home foreclosures. It has been years since city employees have received a raise, salaries for some employees have been cut by as much as 23 percent, large numbers of employees have been laid off and employees have already lost their retirement health benefits. To further reduce pension benefits as part of a financial reorganization plan would not only have been unfair to the city’s workers, but destructive to the city’s reputation and its ability to provide public services.”
About NCPERS
The National Conference on Public Employee Retirement Systems (NCPERS) is the largest trade association for public sector pension funds, representing more than 550 funds throughout the United States and Canada. It is a unique non-profit network of public trustees, administrators, public officials and investment professionals who collectively manage more than $3 trillion in pension assets. Founded in 1941, NCPERS is the principal trade association working to promote and protect pensions by focusing on advocacy, research and education for the benefit of public sector pension stakeholders.
