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pauleckler writes,

I expected that he would address the issues posed by the pending Detroit chapter 9 filing. It looks as if existing retirees are going to get crammed down on pension and lose some of their promised benefits.

Heretofore, govt jobs and pensions have been pretty reliable. People will be watching the outcome closely. Will Pension Benefit Guarantee come to the rescue? Or will they lose major benefits?

<snip>


The PBGC (i.e., Pension Benefit Guaranty Corp) doesn't cover state, or other public-sector pensions. They only cover private plans that pay insurance premiums for the coverage.

intercst
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