July 28 (Bloomberg) — Los Angeles officials violated the law when they rolled back pension benefits for new employees in 2012, the city Employee Relations Board ruled, jeopardizing as much as $4.3 billion in projected savings over 30 years.
Leaders of the second-largest U.S. city failed to properly consult with municipal-employee unions before pushing through the changes in a 10-0 City Council vote in October 2012, the five-member panel decided today.
"The Employee Relations Board affirmed today the basic concept that one side cannot change a contract by itself," said Scott Mann, a spokesman for the Coalition of L.A. City Unions.
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.
