State and local pensions often assure the public they are governed by federal ERISA or ERISA-like standards--which is not true. The public pays the price.
The last time I looked, the Restatement of Trusts agrees with you, as does Prof Langbein of Yale Law School. Sometimes s state constitution opens with a statement about continued applicability of common law. However, bankruptcy court in Detroit seemed to presume that contract law prevails. For what it's worth, I agree with you.
The last time I looked, the Restatement of Trusts agrees with you, as does Prof Langbein of Yale Law School. Sometimes s state constitution opens with a statement about continued applicability of common law. However, bankruptcy court in Detroit seemed to presume that contract law prevails. For what it's worth, I agree with you.
Orin Brustad, retired pension lawyer. odbrusta@aol.com