Calpers Defends Pension Benefits While Risking Losses - Bloomberg

Calpers Defends Pension Benefits While Risking Losses - Bloomberg

Stockton, a city of about 292,000, about 80 miles (130 kilometers) east of San Francisco, and San Bernardino, with 209,000 residents, about 60 miles east of Los Angeles, both cited rising employee retirement costs as factors that drove them to seek court protection. A third community in bankruptcy, Mammoth Lakes, hobbled by a legal judgment, owes Calpers $4.2 million, according to its filing.