GAVIN NEWSOM CALI BROKE

F YOUR CITY OR STATE GOES BANKRUPT THERE GOES YOUR PENSION! Municipal bankruptcies can affect the pension funds and pension obligations of the city in question. Although cities are legally obligated to pay retirees their pensions, in the event of bankruptcy, there is precedent for cutting pension payments in favor of paying out to bondholders, and cities can stop pension payments while the bankruptcy case is in progress. The previous example of Central Falls in Rhode Island illustrates this phenomenon, and Detroit may be http://next.In 2020, state pension debt was $926.3 billion, and other post-employment benefits (OPEB) —mainly retiree health care — totaled $638.7 billion, the report found. Meet the retirees of CalPers Pension crisis Retiree Patsy Jardin will see her annual income plummet from $49K to $19K as the California Public Employees Retirement System cuts benefits. https://www.youtube.com/watch?v=rF8QZ9dF1s0