Detroit Bankruptcy Ruling: Implications for Public Pension Plans

LAPF Investments, December 1, 2013
Thomas A. Dubbs

Once the prosperous center of America's automobile industry and the birthplace of Motown music, Detroit now has a new title – the largest bankrupt city in U.S. history. It is also the largest U.S. municipal bankruptcy by debt, estimated at over $18 billion, including $3.5 billion in unfunded pension liabilities to the city's two largest unsecured creditors – its two pension plans. These plans represent over 32,000 active and retired city employees whose pensions are now directly at risk in Detroit's unfolding bankruptcy.

For the full article, please contact