More than a month after offering a sweetheart early retirement deal to city workers — a deal they jumped at — the LA City Council got the bad news: They can’t afford the costs of it. It took LACERS General Manager with hard actuarial figures in hand to break the bad news that Council members said would “blow up” the deal and leave a hole in the city budget of hundreds of millions of dollars.
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Retirement Fund liquidates M in assets
Retirement Fund acting administrator Richard Villagomez disclosed to the board of trustees that million worth of assets from two of its money managers are now being liquidated.
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