It's a retiree's worst nightmare: facing a massive pension cut when it's far too late to do anything about it.
The Mercury News reports that after an agency stopped making payments on workers' retirement benefits, more than 170 former employees of the East San Gabriel Valley Human Services Consortium, known as LA Works, saw their pensions cut by the CalPERS board by an average of 63 percent.
According to the report, the now-defunct LA Works job training agency had stopped contributing to former employees' pensions in more than a year when, back in January, the California Public Employees' Retirement System notified more than 170 former employees of LA Works that their pensions could be reduced because of the lack of payments.
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