CalPERS: San Bernardino Has Enough Money for Payments
During a court hearing on Tuesday, an attorney for CalPERS said that San Bernardino has enough money to pay off its debts to the retirement system. The city filed for bankruptcy in August 2012, saying it was overwhelmed by pension debt and did not have enough money to keep making payments to CalPERS. The attorney said that the city had $26.8 million as of January,Â even thoughÂ San Bernardino officials said they only had $4.2 million on hand.
- "CalPERS: Bankrupt San Bernardino Has More Cash Than First Admitted" (Reid, Reuters, 5/7).