LOS ANGELES (CBSLA) — Los Angeles’ millionaire police and fire retirees have pensions so high, they exceed limits set by the Internal Revenue Service, which means city taxpayers take a hit.
The city’s generous retirement plans for dozens of ranking officers forced the city to create an “Excess Benefit Plan” to pay the additional costs, an investigation by the Los Angeles Times found. The fund has paid more than $14.6 million to 110 retired employees since 2010, The Times’ analysis showed. That’s money that would otherwise go to fix sidewalks, fight homelessness or hire more officers.
Read the full story on Patch.com.