LOS ANGELES (CN) - The City of Torrance pension fund is $129 million short because the California Public Employees Retirement System allowed the city to underfund its pension fund for five years, a class action claims in Superior Court.
The complaint claims CalPers allowed Torrance to use an actuarial surplus of $16.4 million to weasel out of paying that much into its employees' pension fund, and never disclosed the book juggling for the five years it went on - from 1999 to 2004.
"In part as a result of years of skipped employer contributions and the lack of assumed investment earnings on those skipped contributions, the City Employees' Pension Fund has become underfunded by $129 million, with both police officers' and fire fighters' valuations showing funded ratios (assets/liabilities) of only 76 percent and 78 percent, respectively," the complaint claims.
Plaintiffs are represented by Michael Conger of Rancho Santa Fe.
Subscribe to Closing Arguments
Sign up for new weekly newsletter Closing Arguments to get the latest about ongoing trials, major litigation and hot cases and rulings in courthouses around the U.S. and the world.
Additional Reads
-
Alaska, Hawaiian Airlines April 17, 2024 -
-
Contributor-Test-Post-2024-04-12 April 12, 2024 -
