State's Bankruptcy: Back In Time to Steal Your Pension and Benefits.
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The threat of the federal government providing State bankruptcy protections has disappeared from the news since it first surfaced, to much republican applause, six months ago. This is an ominous silence.
The fiscal crises most states are experiencing will necessitate their need to use bankruptcy protection. All State employees, or employees whose jobs or pensions exist per contracts with the State, should be alarmed because State bankruptcy protections will suddenly, if not overnight, take away your contractual rights. Chapter 9 bankruptcy protection is currently available only to municipalities. If Chapter 9 is applied to the states it will mean the reduction of any expected pension benefits for current employees and retired former employees.
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