L.A. City Council OKs Plan To Cut Pensions for New Workers
On Friday, the Los Angeles City Council unanimously approved a plan that reduces pension benefits for new city employees. The plan raises the retirement age to 65 for employees hired on or after July 1, 2013. In addition, it eliminates health care benefits for dependents and bases pension payments on 75% of an employee's final salary. The plan also caps cost-of-living adjustments.
- "LA City Council OKs Fewer Pension Benefits for New City Employees" (Walton, "KPCC News," KPCC, 10/26).