Wednesday, March 27, 2013

California watches as small city goes after Calpers

Wow!  Another one in the making??  I hope not!

"We can't afford to keep paying Calpers at the current rates - and we can't afford to get out," said Bill Kampe, Pacific Grove's mayor. "Fundamentally, we want to pay less to Calpers."

The Pacific Grove city council last week voted to "fully explore" ways in which it believes Calpers has "artificially inflated the City's liabilities." It hired an actuary as well as Karol Denniston, a San Francisco lawyer at Schiff Hardin who helped draft California's bankruptcy process law.

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