The greatest threat to the financial well-being of the City of Los Angeles and to the future of the city as a whole is the dark shadow of unfunded pension liabilities for public employees.
The city’s three employee pension funds have lost billions of dollars during the current economic crisis and taxpayers are on the hook to make good on their losses and to provide pensions of 75 to 90 percent of city workers’ highest salaries and lifetime health benefits.
On Monday, OurLA.org – the new community-based news and information website — listed the names of the Fire and Police Pension Fund’s 286 retired members who receive six-figure annual payments.
On Tuesday, OurLA.org will reveal the list of other city workers who participate in the LACERS pension fund who are members the $100,000 Pension Club.
This information was made available under requests filed under the California Publc Records Act. The Department of Water and Power’s $100,000 Pension Club will be published as soon as the information is made available.