This is the proposal that would roll back benefits and boost the retirement age - but only for future employees, which does nothing to deal with the shortfalls involving current and retired workers. Employees holding a rally at City Hall say that the plan, which has been pushed by Mayor Villaraigosa, is similar to the efforts in Wisconsin (hardly). It's up before the council. From the LAT:
"This isn't pension reform. This is pension reduction," said Bob Schoonover, president of Service Employees International Union Local 721. The union coalition represents librarians, clerks, groundskeepers, custodians, crime lab analysts, tree trimmers, helicopter mechanics and sanitation workers, among others.
Under the plan, spouses of retired workers would no longer be eligible for city-funded healthcare. City employees would see their take-home pay reduced in years when their retirement fund is battered by the stock market. And workers who attempt to retire at 55 after 30 years of city employment would receive pensions that are roughly one-third the amount provided to existing employees.
This is just a taste of what happens if a more aggressive pension overhaul - one that would freeze or reduce benefits for current employees - makes any headway next year.