What the Detroit bankruptcy ruling means for Illinois

By Jacob Huebert
Today U.S. Bankruptcy Court Judge Steven Rhodes ruled that “nothing distinguishes pension debt from any other debt” – and that Detroit’s pension debt can therefore be partially discharged in bankruptcy. What does that mean for Illinois, where huge unfunded pension liabilities threaten to render the state government and many local governments insolvent? If the courts...

TAGS: Detroit, judge rhodes, Michigan, pensions