12
Nov
2012

L.A. City Council approves pension reform plan for city workers

Categories: California Developments
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LA City joins other big cities including San Diego and San Jose in enacting major reforms for their local retirement systems. The Los Angeles City Council voted October 26 to adopt a new pension tier with higher retirement ages, increased contributions and reduced payouts for new employees hired after July 1, 2013. It will require additional contributions for retiree health care. The reforms are estimated to save the City $4 billion over the next 30 years.

L.A. City Council approves pension reform plan for city workers 

Contra Costa Times, by Rick Orlov, Staff Writer, Published October 26, 2012

Under pressure from a stricter competing plan by former Mayor Richard Riordan, the Los Angeles City Council on Friday voted to adopt a new pension tier with higher retirement ages, increased contributions and reduced payouts for workers hired next year. Read the full article here…

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