Massive Bell Pensions To Be Drastically Reduced
BELL (AP) — Former Bell administrators won’t cash in on the massive pensions they’d hoped to collect, but will keep some of their generous retirement benefit.
The Los Angeles Times reported Friday that administrators failed to submit the right paperwork and other information, and wrongly included special compensation to boost their pension benefit.
An audit by the California Public Employees Retirement System says the potential benefits will be drastically reduced. Former Bell City manager Robert Rizzo, who earned more than $800,000 in wages, stood to make at least $600,000 a year from his pension.
The audit says it could be lowered to less than $100,000 a year.
Rizzo and other former officials have been charged with misappropriating $5.5 million in public funds.
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