NewsCalifornia News

Actions

California pension fund agrees to $2.7 billion lawsuit deal

Gavel (FILE)
Posted
and last updated

LOS ANGELES (AP) — The United States' largest public pension fund has agreed to pay up to $2.7 billion to refund policyholders hit with huge hikes in their premiums.

The deal announced Tuesday involves the California Public Employees’ Retirement System, or CalPERS. It still needs court approval.

The agreement would settle a suit filed in 2013 over 85% fee hikes that were imposed on nearly 80,000 people who had insurance policies covering long-term nursing care.

CalPERS said it needed the hikes to keep the expensive plans solvent.

,

Weather

Daily Forecast

View Hourly Forecast

Day

Conditions

HI / LO

Precip

Friday

06/13/2025

Sunny

96° / 66°

0%

Saturday

06/14/2025

Sunny

97° / 66°

0%

Sunday

06/15/2025

Sunny

99° / 67°

0%

Monday

06/16/2025

Sunny

97° / 65°

0%

Tuesday

06/17/2025

Sunny

94° / 68°

0%

Wednesday

06/18/2025

Sunny

99° / 72°

0%

Thursday

06/19/2025

Sunny

101° / 69°

0%

Friday

06/20/2025

Sunny

94° / 64°

0%