America's most sizeable retirement plan has launched a formal objection to the City of San Bernardino, Calif. and its bankruptcy plan – a plan stemming from the city's inability to pay its mounting public pension costs.
Reuters reports that the California Public Employee Retirement System filed a formal objection Wednesday to San Bernardino's Aug. 1 bankruptcy filing, suggesting the city's finances are in "disarray" and that its pension plan obligations continue nonetheless.
CalPERS stopped receiving payments Aug. 1 and remains the city's biggest creditor. Some $6 million in payments have been missed since then.
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