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CalPERS poised to start cuting retiree pensions in tiny Sierra town

Loyalton's tiny city government is one of three agencies that are so far behind in payments to CalPERS that the fund is taking steps to reduce pensions for former workers. Of the three, Loyalton faces the biggest bill if it wants to protect its retirees. It owes CalPERS a hefty termination fee of $1.6 million. That's equivalent to about $2,100 for each of the town's 750 or so residents.
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