Topics

California Public Employees' Retirement System
San Bernardino's bankruptcy plan favors CalPERS
San Bernardino's bankruptcy plan favors CalPERS

San Bernardino's plan to exit bankruptcy has at least one winner, plenty of losers and could have repercussions for other California cities. The city will pay every penny of the almost $50 million it owes to the California Public Employee Retirement System, known as CalPERS, if a federal judge approves the plan. But it will only pay one penny for every dollar it owes to some bondholders who helped the city pay its CalPERS bill over the years. Retirees will lose healthcare benefits that they were promised. Firefighters, trash collectors and workers who repair the city's soccer fields are among those who will be out of jobs if the plan goes through and the city hires...

Loading