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...
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