California cities will pay for a long time for CALPers pension losses.
HT to Pension Watch, this story from Bakersfield will be typical.
"Bakersfield will pay about $7.5 million annually for 30 years to cover a single year's heavy losses at the giant state pension fund it contracts with, city officials estimate.
The staggering bill will be in addition to ongoing pension payments. The city will pay about $19 million to the retirement fund this fiscal year, which started July 1."
California cities have two choices, seek bankruptcy so as to void obligations, or cut back on services to pay retired city workers.
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