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LA mayor eyes possible referendum on pension reform [View all]
Source: Reuters
LA mayor eyes possible referendum on pension reform
By Barbara Liston
ORLANDO, Florida | Thu Jun 14, 2012 8:39pm EDT
(Reuters) - Los Angeles Mayor Antonio Villaraigosa said on Thursday he was prepared to take public pension reform directly to voters next year after recent referendums approved cutting pensions in two of California's biggest cities.
"We're proposing it to the City Council. If they don't pass it, we're going to put it on the ballot," Villaraigosa told Reuters in Orlando where he is presiding as president of the annual U.S. Conference of Mayors.
Villaraigosa, a Democrat, said he also wanted to raise the city's retirement age to 67 from 55.
As part of his pension reform proposal, Villaraigosa also wants to cap maximum pensions at 75 percent of salary and reduce the cost-of-living adjustments on pensions.
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By Barbara Liston
ORLANDO, Florida | Thu Jun 14, 2012 8:39pm EDT
(Reuters) - Los Angeles Mayor Antonio Villaraigosa said on Thursday he was prepared to take public pension reform directly to voters next year after recent referendums approved cutting pensions in two of California's biggest cities.
"We're proposing it to the City Council. If they don't pass it, we're going to put it on the ballot," Villaraigosa told Reuters in Orlando where he is presiding as president of the annual U.S. Conference of Mayors.
Villaraigosa, a Democrat, said he also wanted to raise the city's retirement age to 67 from 55.
As part of his pension reform proposal, Villaraigosa also wants to cap maximum pensions at 75 percent of salary and reduce the cost-of-living adjustments on pensions.
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Read more: http://www.reuters.com/article/2012/06/15/us-usa-cities-pensions-idUSBRE85E01220120615
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