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San Bernardino forced to skip CalPERS payments

Posted: October 30, 2012 3:00 p.m.
Updated: October 30, 2012 3:00 p.m.
 

SAN BERNARDINO, Calif. (AP) — San Bernardino has been forced to skip its portion of CalPERS payments while the Southern California city makes its way through bankruptcy proceedings.

Interim City Manager Andrea Travis-Miller says in a news release that the financial crisis has made it necessary to defer the public employee retirement benefit payments so the city can provide basic and critical services.

San Bernardino first deferred its CalPERS payment on July 31.

The city continues to make the payment for the employee portion and only the employer portion was deferred.

Travis-Miller says the city has discussed its deficit cash flow problem with CalPERS representatives and no formal action has been taken to terminate the city's contract.

San Bernardino filed for bankruptcy protection in August after learning that it faced a $46 million budget shortfall.

Copyright 2012 The Associated Press.

 

 

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