As reported this morning by The Bee's ace business reporter, Dale Kasler, CalPERS has filed its opening rebuttal to the City of San Bernardino's municipal bankruptcy. CalPERS is the city's largest creditor with about $5.2 million in unpaid pension contributions on its books so far.
The case is significant to all government employees because it pits federal bankruptcy law's power to break contractual obligations against laws that establish the sanctity of public pension obligations.
Read Dale's report and then check out the CalPERS filing:
IMAGE: CalPERS headquarters in Sacramento / 2008 Sacramento Bee file