■ By Steven Greenhut / Contributed The tiny Sierra Nevada mountain town of Loyalton, California — population 862 — has become the poster child for cities that want to check out of the California Public Employees’ Retirement System, but can’t swallow the insurmountable cost of leaving. Loyalton’s oft-repeated tale appeared again Aug. 6 in the Sunday edition of the Los Angeles Times. All the familiar characters are there in the Times story. There’s CalPERS demanding far more money than the city spends on its entire annual budget. There are cash-strapped city officials struggling to make ends meet (even though their spending priorities were criticized by a 2014 grand-jury report). And there

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