In a Lawsuit Filed this week the Los Angeles City Attorneys Association (LACAA) allege the City of Los Angeles, elected officials, and employees violated state and federal laws by adopting an ordinance which froze their vested retirement health care subsidy.
The Famous Friday Drop. After everyones gone home for the night, surprise an email pops up near 9Pm. In the Excuse filled email the latest contract agreement. After carefully reviewing the New Revised Draft Agreement which supercedes are previous ERIP, and our current contract, one thing is clear. Were Still Screwed! We were fed half […]
9-14-2009, Budget committee sends Julie Butcher and the Coalition back to dig in to there numbers to save the city an additional “50-60 Million” so ERIP can pass committee and be presented to council. 9-15-2009 12 hours later and countless sleepless hours the coalition return to the council ready to share there hard work, after […]
City of Los Angeles Full Lacers Board voted 4-3 in favor of the 15-year repayment period. ERIP to be voted on by Council Twice if Approved, the 45 Day Early Retirement window will open and employees will begin filing for Retirement. If Eligible please read the discussion forums area to make sure your classification has […]
That the Committee recommend to the Board that the Unfunded Actuarial Accrued Liability associated with the City’s proposed Early Retirement Incentive Program (ERIP) be amortized over a time period that matches the actuarially-calculated salary savings period from the ERIP – 5 years (Method 2). Method 2 – Match the Amortization Period to the Actuarially-calculated Average […]
Below I have reprinted a letter sent by the League of Women Voters of Los Angeles to the City Council. It is very important to note, that the League of Women Voters has done several studies on the LACERS pension system and civil service in the City of Los Angeles. There opinions are highly regarded and they are […]
Los Angeles Prepares for Layoffs Erip R.I.P. With the very real possibility of furloughs getting rescinded after a federal appeals judge ruled unconstitutional the Furlough plan implemented by Prince George County. General Managers are now tasked with making new financial assumptions or resorting to previous layoff lists established to meet the current budgets savings. Departments […]
Fire Stations browned out, LAPD officers Furloughed and Civilian workers salary slashed, what next for Los Angeles? LAFD & LAPD are in the latest battle over cuts and benefits and it keeps getting worse. LA Times printed a storyon the pitfalls of the early retirement package and the growing budget issues. Looks like SEUI local 721′s […]
Great articles on CALPERS, and there massive problems, anyone looking to them as a model for our system better think again. Calpers Betting the House Calpers is suffering too.
Recently several articles have come out bashing the early retirement plan and the risk to LACERS. Enclosed a few links to some very interesting articles that bring up the point we all have, can we afford it? Lacers is set to recommend it unless the pressure mounts. Is this backroom CYA or more? Citys pension […]