Report: Rizzo Set Up Secret $4.5M Retirement Fund

LOS ANGELES (AP)  — A former public official accused of orchestrating a scam that nearly bankrupt the Southern California city of Bell set up a secret retirement fund containing $4.5 million.

The Los Angeles Times reports Monday that ousted city manager Robert Rizzo set up two pension plans that allowed select city employees to receive more retirement benefits than allowed by the California pension system.

Grand jury transcripts reviewed by the Times found that one account benefited 40 employees, including City Council members, and another was set aside just for Rizzo and his former assistant, Angela Spaccia. The plans were designed to skirt retirement limits for state public employees.

Bell officials are looking into recouping some or all of the money to help reduce the city’s debt.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

Comments

One Comment

  1. Michael KillaCam Keaton says:

    Ladies and gentleman, Danny Devito as the Penguin

  2. Not newsworthy says:

    Ur blog sucks stop advertising it
    whodatis yo mama

  3. Jessie Geronimo says:

    Well they’re certainly not starving him in prison.

  4. swhitS says:

    This is why the stocks should still be legal.

  5. Buddy Limbeck says:

    What manner of beast is this fool? Looks like humpdy dumpdy to me.

  6. meme says:

    How ugly!😦

  7. jon hebert says:

    Democrat, Yes!

  8. Timothy McGarry says:

    This guy was a real tough guy when he pushed people around in Bell. All he needs now is a Hawaiian shirt and an apple stuck in his mouth.

  9. Cognito says:

    I knew this guy when he was the city manager of Hesperia and before he was fat. It is surprising how a person can become so evil and greedy on the inside while reflecting those negative and excessive traits on the outside.

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