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Bankruptcy court: CalPERS pensions can be cut
The CalPERS' governing board during a meeting several years ago at the pension fund's headquarters. (Photo: CalPERS board)Calpensions: A federal judge ruled that CalPERS pensions can be cut in bankruptcy like other debt. He rejected the argument that the giant system is an “arm of the state” with pensions protected by federal law and two state laws on contracts and liens.