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Editorial: Court ruling shakes stability of municipal pensions

A pedestrian walks by graffiti on a downtown

A pedestrian walks by graffiti on a downtown street in Detroit, Michigan. Photo Credit: Getty Images, 2008

That's the number of Detroit retirees whose pensions may be slashed in that city's financial crisis after last week's federal court ruling that bankruptcy trumps state constitutions -- like those in Michigan and New York -- that prohibit diminishing pension benefits. Union leaders should take note. They need to work with officials of states and municipalities burdened with unsustainable pension obligations to find ways to ensure their members' retirement security without breaking the bank. It's just enlightened self-interest.