Wednesday, October 13, 2010

ANTONOVICH CALLS FOR COUNTY PENSION REFORM

 

 

       


PRESS RELEASE

Contact:  Tony Bell, Communications Deputy

Office:     (213) 974-5555  Cell: (213) 215-5176

E-mail:     tbell@bos.lacounty.gov

 

      October 12, 2010                                                                                         For Immediate Release

 

ANTONOVICH CALLS FOR COUNTY PENSION REFORM

 

LOS ANGELES COUNTY – In a motion introduced before the Board of Supervisors, Supervisor Michael D. Antonovich called for the adoption of reforms to the County’s pension system proposed previously in a report by the County‘s Chief Executive Officer.  

 

Similar to those currently proposed for the State of California, the CEO’s report includes  changes to the final compensation pay rate, increase of the minimum retirement age and increases of the contribution amount.

 

“If adopted by the County, these reforms would result in a potential savings of over $200 million annually,” Antonovich said pointing to the escalating rate of Retiree Health Benefits plan costs’ administered by Los Angeles County Employees Retirement Association -- a rate greater than the amount set aside in the Trust Fund established by the Board of Supervisors.  

 

The Supervisor’s motion also directed the CEO to begin negotiations with all County Unions to modify the current pension plan.

 

The reforms currently under consideration by the State of California include:

 

ü  Changing the final compensation from highest average compensation for one year to three years for new employees.

 

ü  Increasing minimum retirement ages for Safety Plan B and General Plan D

 

ü  Increasing Employee Retirement Contributions for current and new employees.

 

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