Possible First US Public Pension to File Chapter 11
Legislators and governments beware; generosity can kill the sustainability of American public pension funds. According to experts, this might be the first US public pension fund to file Chapter 11 bankruptcy protection.
Last Tuesday, the Northern Mariana Islands Retirement Fund, Saipan filed for Chapter 11 bankruptcy protection. This is a restructuring of the public pension plan, not liquidation.[Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view site content.]