Los Angeles Business Journal

Calpers Defends Pension Benefits While Risking Losses

Monday, August 20, 2012

The California Public Employees’ Retirement System is defending government workers against criticism of their benefits even while it risks losses as municipalities, faced with rising retirement costs, file for bankruptcy. Bloomberg News reports that the $239 billion fund is the largest creditor in bankruptcy cases filed by two California cities, Stockton and San Bernardino, since the end of June, with a total of $291 million at stake.