Friday, October 19, 2012
San Berdoo Says Scroo You
The city of San Bernardino has stopped making its required payments to CalPERS since filing for bankruptcy and owes the big pension fund $5.3 million, CalPERS said today.
San Bernardino's missed payments creates a bizarre new twist in the unfolding political and financial drama over cities' pension obligations.
This is not some small city like Vallejo. This is not a special circumstance like Mammoth Lakes. This is not massive corruption like Oxnard or Los Angeles. This is the future for most cities and major agencies. Promises were made that growth and demographics cannot support. Cue Meredith.