12/9/2013 – Detroit ruling reverberates with pension funds around the country (Pensions & Investments)

The Detroit bankruptcy ruling on Dec. 3 has turned into the “new shot heard round the world” for both pension plan participants and municipalities saddled with pension debt and trying to stay afloat.

U.S. Bankruptcy Court Judge Steven W. Rhodes last week accepted the city’s petition enabling it to seek protection under Chapter 9 of the U.S. bankruptcy code, and ruled Detroit may legally reduce public pension benefits, despite protection of public pensions under Michigan’s constitution.

Read the full article at Pensions & Investments.