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Fort Worth Firefighters To Sue City Over Benefit Cuts

The Fort Worth firefighters union announced plans Tuesday to file a lawsuit against the City Council over a series benefit cuts that would scale back retirement benefits for new hires. The union claims the cuts represent a breach of contract and a violation of the Texas constitution. From the Star-Telegram: The president of the Fort Worth Professional ...
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State Law May Stand In Way of Phoenix Pension Cuts

A Phoenix ballot initiative – titled Proposition 487 – would block off the city’s traditional pension system from all new hires, and instead shift those employees into a new, 401(k)-style plan. The measure, if passed, would not apply to the city’s police and firefighters. But opponents of the reform are now saying that a legal quirk could end ...
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Moody’s: Undoing Retiree Cuts Would Spell Bankruptcy For Flint

Detroit isn’t the only Michigan city having a hard time financially. Flint, a smaller but similarly distressed city, has toyed with the idea of bankruptcy for months. The city cut retiree benefits in an attempt to improve its fiscal condition, but a lawsuit over those cuts is waiting in the wings. Moody’s has now said that the city is unlikely ...
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Berkshire Hathaway Sued By Subsidiary Over Retirement Benefit Cuts

Workers at Acme Brick Co. say Berkshire Hathaway promised not to scale back retirement benefits when it bought the company in 2000. Since then, Acme Brick employees have had their pensions frozen and been subjected to other rollbacks in retirement benefits. So they have sued Hathaway, the holding company run by Warren Buffett, for breaching its alleged ...
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