Stockton Bankruptcy Ruling a Blow to Calpers

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While overseeing the bankruptcy of Stockton, a U.S. bankruptcy judge ruled on Wednesday that payments for future worker retirements can be reduced when a city declares bankruptcy. The ruling dealt a blow to California Public Employees’ Retirement System, which receives $30 million a year from Stockton and has assets of roughly $294 billion, the Wall Street Journal reports.

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