Page 838 - Pensions News Today

In midair. the hiker safely rescued. a federal judge holds a key they want the judge to say federal law trumps the state constitution. a state judge ruled last week, the bankrupt violates michigan law because it could cut pensions for retired city workers. same-sex marriages will continue in california. the state supreme court has turned aside the latest challenge to the nuptials. this time from the san diego county clerk. no explanation was given by the court. marriages resumed late june ch...

>> in a cab. the difference here the royal grandparents showed up to the hospital in a chauffeured jaguar. >> he drove himself home. i looked at it. no, on the wrong side of the car. >> london. >> thats how it works over there. >> all right. how about this? our coverage of the royal babys first day at home of course continues later on "america this morning" and "good morning america," like we said cant get enough. get a brand new look at the newborns royal family tree happening later this half-h...

Lawsuits seeking to hault detroits bankruptcy. the judge said city retirees cant slow or stop the process by filing lawsuits in other courts. detroit is the largest u.s. city to file for bankruptcy protection. joining is me now from detroit is associate press reporter cory williams. thank you for your time. >> oh, youre welcome. not a problem. how are you? >> so this obviously is seen as a defeat for detroit employees, the unions especially. we talked with a firefighter who had been on the job 3...

>> well, kevin orr -- >> kevin, im sorry. >> thats right. kevin has been saying for the longest that some things have to be done. its obvious that detroit doesnt have the revenue to pay its bills. there are going to have to be cuts an concessions somewhere. the retirees and pensioners dont want those cuts on their backs. >> when you look at the cuts that need to be made, theres this argument made that the pensions are not where they need to start. but on the other side, others have pointed to co...

Handful of lawsuits claiming detroit still has to fulfill its pension promises because the michigan constitution says public pensions shall not be diminished. this afternoons court ruling says all these challenges must go through one bankruptcy proceeding and one legal analyst says other cities are watching this case closely. >> believe me, this will be a national issue because there are a lot of cities around the country that are looking. cities guarantee retirees pensions through the constitut...

All sort of came apart. >> one question on the issues of questions. we know this is a huge issue. how does new york city avoid the fate of detroit when it comes to pensions? >> this is a warning sign for us, detroit, whats happening in syracuse. we have to create a pension system that is bull let proof. >> what does that mean? some people take some haircuts? not everybody will get pensions? >> certainly the next mayors going to have to work with labor and come up with greeagreements. about what ...

Bankruptcy is actually a blessing in disguise for other governments teetering on the brink. rick newman joins us at table. are there other cities that might go bankrupt like detroit? >> weve already seen a few municipalities go bankrupt. we have more cities like this. i dont think any cities as large as detroit are going to go under. chicago is in difficult shape. oakland, california, is in difficult shape. people who follow municipal bonds say there are some smaller cities in michigan, nevada, ...

Detroit from cutting pensions are now bringing their case to court. union members say theyre worried about their pensions and are trying to derail the citys attempt to declare bankruptcy. that hearing is scheduled for tomorrow would determine whether or not other courts could hear similar lawsuits against the city. when we get a ruling however is not clear. a 911 civil shutting down one of the most populated cities in america. how dispatchers kept it running. lying to the public. >> way back...

Council woman a fear years aw y. the problem is the administration understands if they establish a precedent here, it will be a disaster. there are 100 other cities in debt that understand that they cant sustain the promises, pensions, health care they had promised in the past, and once you set a precedent with detroit, it opens the flood gates and theres no -- and a lot of them are democratic cities, of course, so in the end, the administration understands they cant do anything that will look l...

There are people who are worried about their pensions and their retirement money. and just the entire future of a city that has a history in this country. are we going to let it just go? whats going to happen? >> you know whats interesting, mika, really the bankruptcy, the tragedy in detroit is happening at a time when theres actually a renaissance of cities all over america. ive just been reading a great book on this, "the metropolitan revolution," that cities really are the one place in this c...