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The 2014 Pension 40: Steven Rhodes

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    Steven Rhodes
    U.S. Bankruptcy Judge
    Eastern District of Michigan
    PNR

    On November 7, U.S. bankruptcy judge Steven Rhodes, 65, approved Detroit’s financial restructuring plan, putting an end to the largest municipal bankruptcy case in U.S. history. The deal prunes $7 billion of debt from the cash-strapped city’s balance sheet over the next decade while protecting public pension obligations from deep cuts — an area of contention for public sector unions since Detroit filed for Chapter 9 bankruptcy protection on July 18, 2013. Rising pension costs played a significant role in the bankruptcy filing. According to Rhodes’s November ruling, the Detroit retirement system will not receive payments from the city until 2024 and instead will rely on contributions from other parties, including nonprofit foundations and the state of Michigan. General beneficiaries will suffer 4.5 percent benefit cuts and will no longer receive annual cost-of-living adjustment, and police and fire pensioners will face reduced COLA increases. Rhodes, who earned a JD from the University of Michigan Law School in 1973 and became a federal bankruptcy judge in 1985, lauds the outcome: “It is a vast understatement to say that the pension settlement is reasonable. It borders on the miraculous.” He admits the pension reductions will cause hardships for creditors and pensioners alike. Detroit officially emerged from bankruptcy on December 10.

    The 2014 Pension 40

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    2
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    Bruce Rauner
    Illinois
    John and
    Laura Arnold

    Laura and John
    Arnold Foundation
    Randi Weingarten
    American Federation of Teachers
    Rahm Emanuel
    Chicago
    David Boies
    Boies, Schiller & Flexner
    6
    7
    8
    9
    10
    Randy DeFrehn
    National Coordinating Committee for Multiemployer Plans
    Damon Silvers
    AFL-CIO
    Laurence Fink
    BlackRock
    Chris Christie
    New Jersey
    Robin Diamonte
    United Technologies Corp.
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    12
    13
    14
    15
    Ted Eliopoulos
    California Public Employees’ Retirement System
    John Kline
    Minnesota
    J. Mark Iwry
    U.S. Treasury Department
    Gina Raimondo
    Rhode Island
    Phyllis Borzi
    U.S. Labor Department
    16
    17
    18
    19
    20
    Orrin Hatch
    Utah
    Abigail Johnson
    Fidelity Investments
    Ted Wheeler
    Oregon
    Caitlin Long
    Morgan Stanley
    詹姆斯·霍法
    International Brotherhood of Teamsters
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    22
    23
    24
    25
    Amy Kessler
    Prudential Financial
    Alejandro
    García Padilla

    Puerto Rico
    Christopher Klein
    U.S. Bankruptcy Court for the Eastern District of Caifornia
    Steven Rhodes
    Bankruptcy Court for the Eastern District of Michigan
    凯文·德莱昂
    California
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    David Draine
    Pew Charitable Trusts
    Jordan Marks
    National Public Pension Coalition
    Sam Liccardo
    California
    Joshua Rauh
    Stanford Graduate School of Business
    Karen Ferguson and Karen Friedman
    Pension Rights Center
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    Timothy Blake
    Moody’s Investors Service
    Kathleen Kennedy Townsend
    Center for Retirement Initiatives, Georgetown University
    Edward (Ted) Siedle
    Benchmark Financial Services
    Daniel Loeb
    Third Point
    Judy Mares
    Employee Benefits Security Administration, U.S. Labor Department
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    40
    Andrew Biggs
    American Enterprise Institute
    Andy Stern
    Columbia University
    Kenneth Mehlman
    KKR & Co.
    Teresa Ghilarducci
    New School for Social Research
    A. Melissa Moye
    U.S. Treasury Department


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