The California Public Employees’ Retirement System (CalPERS), which manages most public employee retirement benefits in California raised San Jose’s cost of checking-out of the pension plan by 584%.
Mayor Chuck Reed leads a conservative council majority in San Jose that have been battling to cut operating costs to keep the town of one million people from being forced to declare bankruptcy. The city’s largest and fastest growing liability is cost to fund their public employees’ defined benefit pensions that are invested by CalPERS.
Tuesday, April 30, 2013
California Pension Fund Is Hotel California
Either CalPERS lets them leave under better terms or San Jose files bankruptcy CalPERS and gets nothing.