SEIU Claimed (1) Victory and that all MOUS approved the deal, this is still in question, and that the Early Retirement has Passed.
What does this mean for the workers of the City of Los Angeles?
How can this deal be passed if ALL unions have not completed their vote count?
What is in store for remaining workers if this deal is finally approved?
First, if 2400 People don’t retire, the union must find a solution to that problem and fix the shortfall layoffs will be the only tool left and that will be immediate.
Second, the City of LA must begin to address the new Unfunded liability in the LACERS plan, this could cause a 100 Million shortfall triggering the Layoff clause in the contract, and finally all it takes is the layoff of one worker, How tempting would it be to layoff one worker on June 30,2011 before our first raise is due? SO they pay us our raises we were due and screw us out of the rest of the deal.
Third, Lawsuits, Count on them. Hopefully people retiring don’t actually plan on spending their bonus money anytime soon, because Lawsuits can drag on long after many of these workers will have moved on to greener pastures.
Fourth, Bankruptcy, the very tempting relief from all those debts, retirees medical, our medicals, new employees will most likely be switched to defined benifit plans shortly, which would completely eliminate the possibility of current workjers ever enjoying any retirment boost similar to what current retirees will enjoy.
Finally, Workers will be making less, while those who retire early, will Enjoy a 3% Cost of living raise next year and every year for the rest of their life.
Almost forgot, for those who might not have remembered not only will the furloughs hit you very soon, so will the New State Tax Rate.
Glad we have a raise to count on in Two years.
Final Certified Results will be posted as soon as they become available.
(1) Charles Leone SEIU claimed “all mous voted, all unions have passed the erip”