Oct 1 (Reuters) - The California Public Employees’ Retirement System, or Calpers, on Wednesday said it disagreed with a U.S. bankruptcy judge’s ruling that Stockton, California, could impair worker pensions as part of the city’s proposed financial restructuring.
“This ruling is not legally binding on any of the parties in the Stockton case or as precedent in any other bankruptcy proceeding and is unnecessary to the decision on confirmation of the City of Stockton’s plan of adjustment,” Calpers spokeswoman Rosanna Westmoreland said in an emailed statement.
“CalPERS will reserve any further comment until such time as the court renders its final written decision. What’s important to keep in mind is what the City of Stockton stated in court today: that they can’t function as a city if their pensions are impaired.”
Reporting By Dan Burns; Editing by Bernard Orr