California pension fund agrees to $2.7 billion lawsuit deal
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and last updated 2021-07-14 18:26:42-04
LOS ANGELES (AP) â 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 Employeesâ 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.
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California pension fund agrees to $2.7 billion lawsuit deal
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
ByThe Associated Press
• 3 min read
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LOS ANGELES The nation’s largest public pension fund has agreed to pay up to $2.7 billion to refund policyholders hit with huge hikes in their premiums, it was announced Tuesday.
The California Public Employees’ Retirement System, or CalPERS, has agreed to settle a class-action lawsuit over the fee hikes that were imposed on nearly 80,000 people who paid for policies to cover the long-term costs of nursing care and included “inflation-protection” coverage, according to a joint news release from CalPERS and the plaintiffs.