CalPERS poised to cut retiree pensions in tiny Sierra town
Patsy Jardin is used to being in the know in the small Sierra County town where she worked for more than 30 years, sometimes as its only public employee.
She understood that Loyalton had broken with the California Public Employees’ Retirement System three years ago. She just didn’t know that her former employer’s departure from the nation’s largest public pension fund would cut into her own retirement.
That part of the deal was not clear until she and four of her peers received letters this month warning them that the Sierra County city’s failure to pay into CalPERS soon would lead to a reduction in pensions for her and four of her former peers.
“If I lose it, then I’m really in trouble,” said Jardin, 71.
Read more here: http://www.sacbee.com/news/politics-government/capitol-alert/article105236966.html