Garcetti, Wesson DROP $1.6 Billion Pension Bomb on Angelenos
LA WATCHDOG--The Fire and Police Pension System had an unfunded liability of $3.3 billion in 2016. So why did Mayor Eric Garcetti and the other four members of the Executive Employees Relations Committee (Councilmen Wesson, Englander, Kerkorian, and Koretz) make a decision behind closed doors in February of 2016 to ignore the recommendations of Miguel Santana, the City Administrative Officer, to terminate the very expensive Deferred Retirement Option Plan (“DROP”) that had cost the Pension System $1.6 billion since its inception in 2001?