Who knew being "public spirited" could be so lucrative ? It's sort of like having at least a $5 million 401K at today's interest rates ! Anyway, in 2010 , we did warn you about this sort of situation.
Dozens of retired Los Angeles employees are collecting such generous retirement pay that they exceed pension fund limits set by the Internal Revenue Service, saddling taxpayers with additional costs, a Times data analysis has found.
Their lavish pensions forced the city to establish an “Excess Benefit Plan” to pay what the pension system cannot legally cover, using money that could otherwise be tapped to fix sidewalks, fight homelessness or hire more cops.
In all, the little-known fund has paid $14.6 million to 110 retired employees since 2010, The Times’ analysis showed.
The list of recipients is dominated by former cops and firefighters whose million-dollar payouts from a separate retirement program drove their incomes well over the $220,000 annual limit the IRS allows pension funds to pay.
Sunday, December 16, 2018
Some L.A. city pensions are so huge they exceed IRS limits, costing taxpayers millions extra
The L.A. Times reports: