Calpers Slashes Pensions for Retirees of Defunct Agency
- Decision to cut retirement checks is the second in four months
- Four cities that created agency could pay bill and save checks
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The California Public Employees’ Retirement System on Wednesday approved cutting the benefits of a small group of retirees in the second such move in four months.
The reduction, effective in July, was triggered by the failure of a defunct public agency, the East San Gabriel Valley Human Services Consortium, to pay Calpers the entire cost of covering the pensions of its former employees.