CalPERS wants local governments to deliver the bad news when they decide to exit the pension fund.
It’s time to check in with the retirees of Loyalton, California which recently became the first to see their pensions slashed by CalPERS because of the city’s inability to pay.
The at-risk pensioners once worked for the East San Gabriel Valley Human Services or LA Works.
Fox Business Network recently took a trip to the small town of Loyalton, California where retirees are seeing their pensions cut for the first time in CalPERS’ history.
Loyalton voted to exit the system in 2013. Now its retirees are going to lose the benefits they were promised.
