The California Public Employees’ Retirement System (CalPERS) today issued the following statement after U.S. Bankruptcy Judge Meredith Jury ruled that the City of San Bernardino is eligible for bankruptcy protection.

"We are disappointed with the Judge’s ruling but CalPERS will continue to participate in the bankruptcy process in good faith. CalPERS will also continue to work with the City of San Bernardino so it can hopefully resolve its financial problems and also deliver promised benefits to their City employees and retirees. However, CalPERS must and will continue to aggressively pursue all past due contributions, resulting interest and penalties owed by the City. These payments are statutorily required and necessary to deliver on the pension benefits promised to San Bernardino employees as a form of deferred compensation. They have worked for and earned these benefits, and CalPERS will uphold its fiduciary duty to deliver a secure retirement to our San Bernardino members. CalPERS is considering its options for appeals.”