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  • Local Officials Recognized For Professional Excellence

    TheresiaEhrichTheresia Ehrich, currently the Chief Administrative Deputy for the Mason County sheriff's Department and Cathy Beierle, Finance Director for the City of Shelton, two financial services professions, have earned the "Professional Officer Award" for the State of Washington from the Washington… Read More +

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  • Marysville School Shooting News Round-Up

    marysville shootingWITNESS REPORTS

    Students described a chaotic scene at Marysville Pilchuck High School as a gunman opened fire and panicked students ran for safety. Student Alan Perez told KING-TV he was eating his lunch near the gunman when he heard the shots,… Read More +

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  • Baldwin Optimistic About Seahawks Moving Forward

    baldwinDoug Baldwin was about to board the charter bus last Friday when he got word Seattle had traded Percy Harvin. Two days later, he sat in a St. Louis locker room after one of the best games in his career answering questions about whether he was involved in a preseason scuffle with Harvin. Baldwin and the Seahawks are ready to put the Harvin conversation in the past.

    Read More
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Detroit Bankruptcy Could Affect City and State Workers Elsewhere

b_250_0_16777215_00_images_obgrabber_2013-08_cdf601aa29.jpgCraig Barritt/Getty Images(NEW YORK) -- If Detroit is allowed to proceed with its bankruptcy filing, it could lead to painful changes elsewhere for millions of teachers, firefighters, police and other city and state workers. "There's been a belief in the public sector that these pension promises are safe no matter what," finance professor Robert Novy-Marx of the University of Rochester.

But if the court allows Detroit to reduce its pension payments, Novy-Marx says that could lead to cuts elsewhere. "It is possible this is potentially an important precedent setting case," he says.  Some generous public sector pensions are seriously under-funded.

On July 18, Detroit became the biggest American city to file for bankruptcy after its emergency manager filed for Chapter 9 protection with more than $18 billion in accrued obligations.  In the filing with the U.S. Bankruptcy Court in the Eastern District of Michigan, state-appointed emergency manager Kevyn Orr indicated that the city's estimated number of creditors was "over 100,000."

Copyright 2013 ABC News Radio

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