Long Beach’s (CA) largest city union agrees to pension reform deal (LB Press Telegram)

January 9, 2013 – The city’s largest employee union has agreed to pension reforms that will save $125.5 million in the next 10 years, officials announced late Wednesday. The concessions combine higher employee retirement contributions with reduced benefits for future employees to save $3.8 million in Long Beach’s general fund and $11.8 million across all funds each year, according to a news release from City Hall. The deal, which still requires council approval, caps off three years of negotiations between Long Beach and its major labor groups to scale back rising pension costs. The police and firefighter associations consented to reforms in 2011 that were projected to save $100 million by 2022.

Link to Full Article: http://www.presstelegram.com/news/ci_22341019/long-beachs-largest-city-union-agrees-pension-reform

 

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One thought on “Long Beach’s (CA) largest city union agrees to pension reform deal (LB Press Telegram)

  1. Pingback: California's Deficit Gone?

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