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CalPers Sued Over Insurance Rate Hike

 
CalPers Sued Over Insurance Rate Hike
Posted Tuesday, August 6th 2013 @ 5pm  by KFBK News

SACRAMENTO -- CalPers is the target of huge class action suit saying the retirement system sold a long term care insurance plan, then slammed policy purchasers with a big rate increase. 

CalPers directors approved the rate increases last fall, the hike amounts to an 85 percent increase, set to take effect in 2015. 

The giant pension-retirement system says they need to boost the premium on the policies to offset massive losses suffered by the company. 

They call the hikes a "stabilizing" of the company. The suit is being filed by a Los Angeles law firm. More than hundred thousand CalPers policy holders are being represented. 

CalPERS LTC lawsuit

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