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.
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.
Ron Kaye is the former editor of the Los Angeles Daily News where he spent 23 years helping to make the newspaper the voice of the San Fernando Valley and fighting for a city government that serves the people and not special interests.
Twice in recent years, Los Angeles Magazine listed Kaye among the city’s most influential people, specifically in the area of politics. Kaye has been variously described in the media as the “accidental anarchist,” “the Patrick Henry of the San Fernando Valley” and a “passionate populist.” He is now committed to
carrying on his crusade for a greater Los Angeles as an ordinary citizen. Previously, Ron worked at the Los Angeles Herald Examiner,
Associated Press, Cleveland Plain Dealer and The Australian as well as papers
in Fairbanks, Alaska and Yakima, Wash. He also wrote for Newsweek magazine, The Guardian in London and the National Enquirer.
Isn't there some law that disallows taxation for more than the services at hand? Would paying for these pensions be outside the scope of those said services?
No. Pension liabilities are a liability of the taxpayers of the City. Of course, the problem that has arisen over more recent years is that the City employee union act more like thugs in exacting unjustifiable raises and rich benefits. And their organized political influence gives them an extremely unfair advantage to elect some of these morons who feel beholden to the unions. The union leaders know they have great power and for many years now, the salaries and benefits have outstripped logic and the private sector.
This is especially true in the police and fire pensions. It seems that police and fire sit around thinking up new ways to scam the system. It is very sad. So we are left with a gold plated pension system for some people who are looking for hand outs and assuring themselves a cushy life at the expense of the taxpayers.
Just wait until Wendy Gruel audits the worker compensation program. Then you will see the real fakers at work trying to extract payments to live on easy street the rest of their lives.
I am not saying that there are not many dedicated public servants in the City. But I am saying the scammers, fakers, and outright criminals threaten to overwhelm the system. And the taxpayers on the hook for it.
What is worse is that even bringing up the question of pay benefits for public safety either salaries or pensions makes one "anti" police or anti fire.
It is though one has used the "pig" word.
Now the consent decree has been lifted, when can we expect the "hundreds" of officers who have been chained to their desk to return to street duty?