|By Dale Kasler, The Sacramento Bee|
|McClatchy-Tribune Information Services|
The city's bondholders and the company that insured the bonds filed a 114-page protest in
CalPERS is owed about
The San Bernardino case is shaping up as a huge test of CalPERS' muscle and the sacredness of public pensions. CalPERS has long taken the position that its member cities and counties have to make their pension contributions, regardless of their finances. The bondholders, who are owed millions by the city, said CalPERS is trying to get preferential treatment.
CalPERS "ignores every other entities' interests," the bondholders said in their court filing.
Among the companies objecting is
(c)2012 The Sacramento Bee (Sacramento, Calif.)
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