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Compass
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San Bernardino Cuts Deal to Pay CalPERS Debt
Calpensions June 23, 2014
"Bankrupt San Bernardino announced an agreement with CalPERS last week to pay off an unprecedented pension debt owed for skipping payments to the pension fund for a year - $13.5 million, plus several million more in penalties and interest.... San Bernardino has not publicly proposed a pension cut. A sketchy plan for operating in bankruptcy only proposed a 'fresh start' that would 'reamortize CalPERS liability over 30 years,' perhaps cutting costs $1.3 million in the first year."
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