The California Public Employees Retirement System would like someone else to tell you if your pension is in jeopardy.
A three-day meeting for CalPERS begins today. CalPERS plans to propose a new law that would make public agencies notify their employees and retirees when a local government elects to quit the $343 billion dollar fund.
The issue came up when a small Sierra county town stopped paying their CalPERS bills. Those workers becoming the first to lose a share of their pensions because their employer failed to hold up their end of the deal.
CalPERS saying when agencies do that, they should be the ones to tell their employees. Presently, CalPERS contacts retirees from delinquent organizations within 60 days. CalPERS wants legislation passed that would require agencies to tell employees and retirees of the intent to separate from the pension fund within seven days of deciding to quit.