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California pension fund agrees to $2 7 billion lawsuit deal

ABC News Turn on desktop notifications for breaking stories about interest? OffOn 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 Email this article 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.

CalPERS agrees to pay $2 7 billion to settle suit over long-term care insurance premiums

CalPERS agrees to pay $2.7 billion to settle suit over long-term care insurance premiums FacebookTwitterEmail 1of2 The California Public Employees’ Retirement System building in Sacramento a settlement has been reached in a lawsuit over premium increases in a CalPERS long-term care insurance program.Max Whittaker/Getty ImagesShow MoreShow Less 2of2 The 2013 letter from CalPERS informing policyholders of the 85% increase in long-term care insurance premiums.Michael Macor/The Chronicle 2013Show MoreShow Less California’s retirement system for state and local government employees has agreed to pay $2.7 billion to nearly 80,000 workers and their families to settle a suit over increases in premiums since 2015 to cover long-term care in nursing homes and other facilities.

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