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Calpers Board to Vote on Slashing Pension Benefits by 63%

  • Former workers of defunct job-training agency to be hit
  • Move follows November action against Loyalton retirees
Updated on

The California Public Employees’ Retirement System is set to vote next week on cutting benefits for a small group of retirees in what would be the second such move in the last four months.

The reduced benefits, which must be approved by a committee Tuesday and the full board Wednesday, was triggered by the failure of a defunct public agency, the East San Gabriel Valley Human Services Consortium, to pay Calpers the entire cost of covering the pensions of its former employees.