Thursday, April 18, 2013

California city tells Calpers it will quit pension fund

I guess it's not a big deal.  The town only has two full time employees.  But this could be the tip of the iceberg.

Calpers confirmed that it had received Canyon Lake's "required signed resolution of intention to terminate" adding other cities and counties have ended their contracts with the fund in the past. No other city or county in California is known to be taking the step to currently quit the plan.

"The problem here is the uncertainty for Calpers, and that is how many cities might opt out," said Michael Sweet, a bankruptcy attorney with Fox Rothschild in San Francisco.

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