US - A small city on the Californian coast could be the first to pull out of the California Public Employees' Retirement System (CalPERS), citing its inability to pay increased contribution costs.
Pacific Grove, a city of just under 16,000 inhabitants, which saw its annual pension contributions rocket from US$100,000 a year in the late 1990s to $2.6m in 2008, is investigating leaving the gia...
To continue reading this article...
Join Professional Pensions
- Unlimited access to real-time news, analysis and opinion from the industry
- Receive our in-depth monthly magazine in either print or digital format
- Access our Sustainable Investment Hub covering news and opinion from thought leaders in the ESG space
- Receive important and breaking news stories selected by the Editors in our daily newsletter
- Hear from industry experts and other forward-thinking leaders
- Receive a monthly members-only newsletter with exclusive opinion pieces from leading industry experts and a feature from the magazine in advance of its release date