Quote Originally Posted by BankruptcyGuy View Post
Between the State, which guarantees "accrued" pension benefits, and pensioners, who arguably received some of those benefits in advance, I'm not quite sure. I'll bet you see that argument.
As an argument, it can be boiled down to something more simple - the drain was open while the city trying to fill the bathtub. The assumption seems to have been that there was an infinite amount of water available.

I'm kind of curious - if 13th checks were unregulated [[or tacitly allowed by the city), what stopped the funds from writing whatever amount they wanted and then coming after the city to make it up later? Seems that an arrangement like that was almost designed to defeat the budgeting process.

If this does not settle, and the pensioners take a haircut, it would not surprise me if the pensioners turned on the pension management.

HB