CalPERS wants broke cities to deliver bad news to out-of-luck pensioners
The California Public Employees’ Retirement System would like someone else to deliver the bad news when local governments quit paying their bills and put a retiree’s pension in jeopardy.
CalPERS at a three-day meeting that begins today plans to propose a new law that would compel public agencies to notify their employees and retirees when a local government decides to separate from the $343 billion fund.
The proposal aims to clear up a process that left more than 200 public workers and retirees from the tiny Sierra County town of Loyalton and a Los Angeles County organization in the dark for months after their former employers stopped paying their CalPERS bills.
Those workers from Loyalton and the East San Gabriel Valley Human Services Consortium became the first CalPERS members to lose a share of their pensions because of their employers’ failure to keep up with bills.
Read more here: http://www.sacbee.com/news/politics-government/capitol-alert/article184235683.html