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Wednesday, April 23, 2014

CalPERS Files Status Report for the City of San Bernardino Bankruptcy Hearing


February 9, 2013 - SACRAMENTO, CA – The California Public Employees’ Retirement System (CalPERS) today filed a status report for a February 12 hearing on the City of San Bernardino bankruptcy proceedings, focusing on the contested issues regarding the City's eligibility to remain in bankruptcy.

The report updates the Bankruptcy Court regarding events that have happened since the last status conference on December 21, 2012, including the resignation of the City's Interim City Manager and Finance Director, and expresses CalPERS continuing concern that the City does not seem to be allocating resources to the Finance Department, that are necessary to an effective bankruptcy case.

The City and CalPERS have had meaningful discussions about the importance of providing the requested financial information. The City has expressed an intent to work with CalPERS in evaluating the City finances.

“There is a significant amount of information that the City has yet to produce, including the backup for the pendency plan the City adopted last November,” said Robert Udall Glazier, Deputy Executive Officer of External Affairs.

“We are looking forward to the status hearing next week and are hopeful that the City will have made progress on producing the financial documents,” he added.

CalPERS is the largest public pension fund in the U.S. with assets totaling $254 billion. It administers retirement benefits for more than 1.6 million California State, local government, and public school employees, retirees, and their families on behalf of more than 3,000 public employers, and health benefits for more than 1.3 million enrollees. The average CalPERS pension benefit is $2,420 per month. The average benefit for those who retired in the most recent fiscal year that ended June 30, 2012, is $3,025 per month.

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