The Engine of Pension Change?December 15, 2013 – In The News
Michael Sweet was quoted in The Orange County Register article "The Engine of Pension Change?" While the full text can be found in the December 15, 2013, issue of The Orange County Register, a synopsis is noted below.
The ruling by Judge Steven Rhodes that the city of Detroit is eligible for bankruptcy could have ramifications for other municipalities attorneys say, including some California cities currently in financial troubles.
“No one is going to go and file bankruptcy because of what Judge Rhodes said last week,” said Michael Sweet. “However, I would not be surprised to hear that pension plans are now in negotiations as cities try to come up with ways to work through these problems. These are contracts. And if both sides are willing to negotiate a modified contract, there’s no reason it can’t be modified.”