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San Bernardino (Calif.) Bankruptcy Driven by Pension Costs?
CalPensions July 16, 2012 "A sharp spike in pension costs is not the reason an alarmed San Bernardino city council voted last week to authorize filing for bankruptcy ... The city's pension payments climbed steadily from a little over $5 million in 2000 to about $23 million in 2008. But the payments have remained at roughly $23 million since then, and increases forecast in the next few years are gradual.... '[R]etirement costs' were 9 percent of the general fund in fiscal 2006-7, grew to 13 percent last year and are expected to be 15 percent in fiscal 2015-16. Retirement costs in Stockton, which filed for bankruptcy on June 28, are about 17.5 percent of the general fund. Retirement costs in San Jose and San Diego, where voters approved major pension cuts last month, are 20 percent of the general fund." |
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