Bankrupt San Bernardino, Calif., presented a new budget yesterday in which it proposed renegotiating its obligations to the state's powerful public employee pension, Reuters reported today. San Bernardino's interim city manager released the city's "pendency plan" - in effect its operating budget while it seeks bankruptcy protection under chapter 9 of the bankruptcy code. As part of the plan, the city seeks a renegotiation of its debt to the California Public Employees' Retirement System (Calpers). The city has already halted payments to Calpers since it declared bankruptcy on August 1, and owes more than $6 million in dues to the fund.
