Retirement-Sign.jpgWe are all aware of the ongoing discussion over the rising cost of public pension benefits and whether they are sustainable in the long run. However, one unanswered question was lurking in the background: Is Chapter 9 bankruptcy a way for struggling municipalities to shed these pension liabilities?  We now have a glimpse at what

Money Scale.jpgSince June 28, three California cities have chosen to pursue bankruptcy in the face of burgeoning costs and increasing deficits: Stockton, Mammoth Lakes, and San Bernardino.  Public agencies have been dealing with financial difficulties for several years, but other than the City of Vallejo in 2008, none had resorted to bankruptcy as an option, until