Setting the stage for a showdown over cutting city spending, the
LACERS Board approved the Early Retirement Incentive Program (ERIP)
that will cost up to $150,000 each for an estimated 2,400 workers.
board which oversees funding of pensions and lifetime health benefirts
for retirees and more than 22,000 current city workers voted 4-3
Tuesday to overrule its staff recommendation for a 5-year payback period — the timeframe that the city will realize payroll saviings from the plan.
Got to OurLA.org to read the full story.