America's most sizeable retirement plan has launched a formal objection to the City of San Bernardino, Calif. and its bankruptcy plan – a plan stemming from the city's inability to pay its mounting public pension costs.

Reuters reports that the California Public Employee Retirement System filed a formal objection Wednesday to San Bernardino's Aug. 1 bankruptcy filing, suggesting the city's finances are in "disarray" and that its pension plan obligations continue nonetheless.

CalPERS stopped receiving payments Aug. 1 and remains the city's biggest creditor. Some $6 million in payments have been missed since then.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and events
  • Access to other award-winning ALM websites including and

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.