Report Finds Former Pension Trustees Violated Law
Friday, January 20, 2006
The report concluded that previous trustees made bad decisions. Those decisions date back to 1996 and 2002 when trustees allowed the city to pay less than what was needed into the plan while increasing pension benefits at the same time.
Lawyer Bruce Ashton helped write the report. He says those funding arrangements violated the state and federal constitutions by permitting the system to be significantly underfunded.
And he says the arrangements illegally allowed political interference in the administration of the retirement system.
Pension board President Peter Preovolos called the report sobering and says he will resign his seat as Mayor Jerry Sanders has requested,just not now. Amita Sharma, KPBS News.
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