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Pension battle pushes precedent in distressed California town

The board of the California Public Employees Retirement System voted to cut some retirement benefits of people who worked for a former sawmill town that quit the program. It may be the first time the largest U.S. public pension has taken such a step.

By Romy Varghese | Updated on November 17, 2016
Local governments across U.S. are short about $2 trillion needed to cover retirement benefits granted in boom times. (Photo: iStock)

(Bloomberg) — Letters sent by certified mail usually aren’t how state and local governments signal they’re about to breach the promise that public workers consider ironclad when it comes to retirement benefits.

Related: CalPERS CIO says funding gap to widen for foreseeable future

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