San Bernardino Won’t Challenge Calpers in Bankruptcy
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San Bernardino said it won’t try to reduce its obligations to the California Public Employees’ Retirement System, despite a recent ruling opening the powerful pension fund to such challenges in bankruptcy court.
A lawyer for the town revealed its decision today, less than seven weeks after the judge in Stockton, California’s municipal bankruptcy made it easier to impose cuts on Calpers, the biggest public worker pension in the U.S.