Suit Against CalPERS to Force Payment of Interest on Withheld Funds & Benefits




News
 

Read the First Amended Complaint here.

On October 29, 2013, Plaintiffs' filed their Opposition to CalPERS Demurrer to First Amended Complaint, Notice and Motion to Request for Judicial Noitce in Support of Opposition, and Exhibit 1-6.

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On October 29, 2013, Plaintiffs' filed their Opposition to CalPERS Demurrer to First Amended Complaint, Notice and Motion to Request for Judicial Noitce in Support of Opposition, and Exhibit 1-6.

To read Plaintiffs' Opposition Click here.

To read Plaintiffs' Request for Judicial Notice Click here.

To read Plaintiffs' Exhibits 1-6 Click here.

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On September 16, 2013, Plaintiffs filed their First Amended Complaint.

Please read the Complaint, here.

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On March 8, 2013, Plaintiffs filed a Complaint seeking interest on monies, funds, benefits or contributions that CalPERS held or controlled. The proposed class action (BC502628) is filed in Los Angeles Superior Court, and assigned to Judge Shepard Wiley, Jr. in Department 311, in the Central Civil West courthouse.

On March 21, 2013. Judge Wiley set the initial status conference for June 12, 2013.

For more information, enter BC502628 at www.lasuperiorcourt.org/civilcasesummarynet/ui/


Penalty Interest
 



CalPERS must pay "penalty interest" on the delayed payment of funds, credits, monies, benefits, or contributions, including certain one-time and/or ongoing monthly pension benefits or death benefits withheld more than 45 days. (Government Code, §21499.) CalPERS owes "penalty interest" on unpaid or withheld death benefits, pro-rata allowances, survivor continuances, and beneficiary or continuing allowances from the earlier of the time that CalPERS received a claim or the time when the payment fell due or payable. All withheld and lump sum payments are entitled to "penalty interest", whether paid after death or otherwise. (Government Code, §21499.)

CalPERS interest at the greater of the interest crediting rate specified in Section 20178 or the net earnings rate (including capital gains and losses) in effect at the time the payment is made. (Government Code, §21499.)

Please read the Complaint, here




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