"'We recognize the difficult decisions the City of Stockton needs to make to restore its financial and economic health. Today's action gives the City the opportunity to propose a forward looking plan of adjustment in the bankruptcy case that will allow them to restore long term financial stability and to provide essential services to the Stockton community through the City's valued public employees. The City has consistently acknowledged the importance of providing benefits to its employees through its existing relationship with CalPERS consistent with state law. CalPERS will continue to act as a fiduciary and protect and defend the integrity and soundness of the Pension Plan,' said [Anne Stausboll, CalPERS Chief Executive Officer]."

MORE >>