LOS ANGELES : Plan to Cut DWP Pension Payments Kept Alive
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A controversial plan urged by Mayor Richard Riordan to reduce pension contributions in the Department of Water and Power and divert it to the city treasury was kept alive this week by the DWP pension board. But its fate remains unclear.
The panel voted Thursday to look for two additional consultants to give investment advice. All three employee members of the panel opposed the move and about 250 angry employees and retirees protested from the audience.
Despite the vote, Riordan’s plan may lead nowhere because pension fund regulations require that at least one employee representative eventually approve the hiring of an outside adviser.
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