LOS ANGELES (AP) — A former public official accused of orchestrating a scam that nearly bankrupted a working-class Los Angeles suburb set up a secret pension fund containing $4.5 million to skirt retirement limits for California public employees, according to a newspaper report Monday.
Grand jury transcripts reviewed by the Los Angeles Times revealed that ousted Bell city manager Robert Rizzo (top) and his former assistant, Angela Spaccia, set up two pension plans to inflate the already generous compensation paid to city employees.
One account benefited 40 employees, guaranteeing them at least $2,000 a month if they retire as early as age 52 and had spent five years in office. That's in addition to their normal payments from the state pension system.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
