“The State of California is not responsible for a public agency’s unfunded liabilities,” said Wayne Davis, Calpers’s chief of public affairs. Calpers has total assets of $290 billion, so an unpaid bill of $1.6 million would hardly be a deathblow. (She is not one of the four Loyalton retirees but earned a Calpers pension through previous work on the Sierra County Board of Supervisors.) That is why Calpers sent Loyalton the bill for $1.6 million. Advertisement Continue reading the main storyMeanwhile, Calpers has continued to pay Loyalton’s four retirees their pensions.

Source: New York Times October 09, 2016 19:41 UTC