23 04, 2019

Workers Are Pushing for Their Share of U.S. Bankruptcy Payouts

2019-04-23T13:51:15-07:00April 23rd, 2019|Categories: Pension Funding|Tags: , |

Workers can lose everything when their employer files for bankruptcy. At least for now. A pro-labor movement sparked by the employees of Toys “R” Us Inc., and taken up by Sears Holdings Corp., has reached the U.S. Congress. Representative Tim Ryan, an Ohio Democrat, said he plans to reintroduce 2017 legislation that would define worker claims in bankruptcy as administrative expenses, meaning they’d be paid in full, like the investment bankers, consultants, lawyers and liquidators who earn millions of [...]

19 05, 2014

Cuts to Detroit Pensions Set Dangerous Precedent

2014-05-19T16:41:47-07:00May 19th, 2014|Categories: Pension Funding|Tags: , , , |

Detroit’s bankruptcy, the largest municipal case in U.S. history, has attracted wide media commentary as an example of the country’s “unsustainable” public pension obligations. But it’s time to train a magnifying glass on the substance of the bankruptcy itself, particularly with regard to how it will affect workers and their retirements — in Detroit and around the country. Traditional legal interpretations of pensions have viewed their obligations as sacrosanct, especially once the passage of the Employee Retirement Income Security Act of [...]