Illinois State Pension
 

Illinois Supreme Court rules landmark pension law unconstitutional

http://www.chicagotribune.com/news/l...508-story.html

Hope this will set an example for other states that are looking to diminish pension benefits. Decision was unanimous which is something in itself.

Cool. :)

Does this law apply to all states?
I know many city of Stockton (CA) employees and retirees who have lost benefits due to the bankruptcy. But.... I don't know many details so I might be missing something here.....

Illinois Supreme Court has jurisdiction over Illinois.

Yep.

This is just a small victory in a minor skirmish of what will most likely be a nationwide war.

So, individuals may not renig a contract by fiat, but public organizations can exempt themselves by declaration? I know that corporations do it thru legal maneuvering and unscrupulous labor practices while executives ensure their own "Golden Parachute" contracts with them.

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Yes, and the constitutional test that the Illinois law failed was for the Illinois Constitution so the decision's value as a precedent is essentially non-existent.

From what I understand, this decision was based on the Illinois Constitution, so it would not be applicable to other states. However, Cov. Christie's pension "reform" plan is in jeopardy in Jersey. During a recent New Jersey Supreme Court argument, one of the justices told an attorney for Christie:“You’re making an argument that no contract the state enters is any good or can be enforced,” Associate Justice Barry Albin told the attorney. “You’re also arguing that the state can never be held to its promises.”

Maybe, just maybe, this type of thinking is on the ascension.

Regards,

D-Ray

That reminds me of when I got stuck in that RCA record club. :mad:

They scared the shit out of me with all kinds of threatening letters.

Then one of my friends told me, "Hey, you're only 13 years old. That means you can tell them "I'm a minor so fuck off"

So that's what I did.

Never heard from them again. :D

States have deeper pockets than cities since the burden can be shared by all the state's taxpayers. Cities not so and in most instances they bring it upon themselves. Here is an interesting bit on this topic and I did not realize that not all states allow municipal bankruptcy.

Which American municipalities have filed for bankruptcy?

Which American municipalities have filed for bankruptcy?

Thanks to everyone for the information regarding my question.