Calpers welcomes Stockton bankruptcy ruling, says it 'protects pension promises'

(Reuters) - The California Public Employees' Retirement System (Calpers) welcomed a ruling by a federal judge on Thursday allowing Stockton to exit bankruptcy in a plan that will not see pensions cut. U.S. Federal Bankruptcy Judge Christopher Klein gave Stockton, California, the green light to exit bankruptcy after more than two years of proceedings. His approval of the city's bankruptcy plan means that employee pensions administered by Calpers would not have to take a haircut. [ID:nL1N0SP2K1] “We are pleased that the City of Stockton will emerge from bankruptcy and can now chart a path forward under a plan of adjustment that protects the pension promises made to its public employees," Anne Stausboll, Calpers chief executive officer, said in a statement. (Reporting by Tim Reid in Los Angeles; Editing by Lisa Shumaker)