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/


Divorce & Separation, Legal Dissolution of Marriage/QDROS:
 


Withheld Monies Arising From A Legal Separation, Dissolution of Marriage Division of Community Property, Domestic Relations Order.

When a CalPERS Member and his or her spouse effect a division of community property (including during a legal separation or dissolution of marriage), both the Member and spouse may obtain separate rights, including through a separation of accounts.

The process often ends with the finalization of the domestic relations order (DRO or QDRO). CalPERS is responsible for completing the division of benefits that have been agreed to by the parties, a judge and by CalPERS' Community Property Unit.

Separation of Accounts Delayed. Often in a division of property, there is a separation of accounts for active or inactive members (Members not-yet retired). If the Member is eligible to retire and the non-Member has provided a valid DRO/QDRO, CalPERS must timely split the Member's account into Member and non-Member accounts.

CalPERS is often late in establishing the "new" account so that a non-Member is delayed in receiving retirement funds. CalPERS does not pay interest on the unpaid or withheld funds.

Administration of Division of Property Delayed. When the community property portion of a pension is divided into Member and non-Member accounts pursuant to the "time rule" formula, CalPERS often delays the calculation and payment of retirement benefits. CalPERS fails to pay interest on the withheld or unpaid funds.

Refund. Non-Members who request a refund of contributions are not properly credited with all interest on withheld or unpaid funds.




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