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.
The
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.
Will the retirees be required to pay back any amount if they are rehired as consultants?
Will the retirees be required to live in California to collect their pensions–or will they move to a no income tax state?
Is there some reason I missed–why in the worst economy in the past 30 years, we cannot lay people off or cut their pay? we have to buy them out?
My lawsuit is ready and waiting to be filed. The only question is: How many of the city council members that vote yes on this ERIP will I be adding to the names of the LACERS board members who voted yes?
Some Union leaders are actually against these types of buyouts because it affects the majority of the membership in a negative way – it weakens the pension portfolio by increasing the obligations and risk. I am just speculating that those in the Union leadership pushed this through because they were nearing retirement. Those members with less seniority should be against this early buyout. It was probably sold that this will be a way of avoiding layoffs to those with less seniority. However since it won’t solve the core issue per Ms. Choi’s analysis, then the newer employees may be threatened anyway especially if the City is driven into bankruptcy per Bernie Parks comments (and the actual facts of the day).
All I have to say is “nuts”
To Robert Smith:
In answer to your questions:
1. Will the retirees be required to pay back any amount if they are rehired as consultants?
No.
2. Will the retirees be required to live in California to collect their pensions–or will they move to a no income tax state?
No. They will have the option to either stay in CA or move to any state or country that they chose. (Anything else would be Un-American.
3. Is there some reason I missed–why in the worst economy in the past 30 years, we cannot lay people off or cut their pay? we have to buy them out?
Please contact your Councilman and Mayor with that question.
I understand that if the city declares bankruptcy union contracts can become null and void.
Question: If the city declares bankruptcy, does this early retirement package and fifteen year payback also become null and void?
As poor as the City’s financial condition is, it’s hard to see that it will ever go bankrupt. A bankruptcy would end the political career of Antonio Villaraigosa and at least a few of the member of the City Council, they would do everything to avoid it.
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