San Jose and Unions Make Final Argument in Battle Over Pension CutsSeptember 10, 2013 – In The News
Michael Sweet was quoted in the Reuters article "San Jose and Unions Make Final Argument in Battle Over Pension Cuts." While the full text can be found in the September 10, 2013, issue of Reuters, a synopsis is noted below.
San Jose, California, and its employees’ unions presented closing arguments Tuesday in a case that could have major implications for other cash-strapped cities looking to cut pensions.
According to Michael Sweet, the San Jose litigation is being closely monitored by other U.S. cities, including California’s Stockton and San Bernardino, as well as Detroit, Michigan, which filed for the largest municipal bankruptcy in U.S. history in July.
“Even though San Jose isn’t in bankruptcy, what they are doing is addressing the same kind of pension issues being faced in those bankrupt cities,” Sweet said. “Mayor Reed’s measure was an approach to addressing these pension issues, which in some instances have become unsustainable.”