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A quick update to a story I linked to yesterday on pensions in the city of Los Angeles.
The city’s pension board delayed a vote yesterday on an early retirement package after Mayor Antonio Villaraigosa and labor unions balked at an unexpected recommendation by a pension board official to repay the plan 10 years sooner than previously advised.
Doing so would create more short-term pain for the city’s budget, city workers or both. The pension board official, Sally Choi ,said paying off the plan in five years instead of 15 would fulfill the pension board’s primary duty: the welfare of the retirement system.
It’s an interesting comparison with San Diego, where pension officials are considering whether to allow the city to pay less into the system to relieve annual budget pressures.
Next up, the LA’s retirement system — Los Angeles City Employees’ Retirement System — will convene a three-member panel to discuss a repayment schedule.