Former Los Angeles Mayor Richard Riordan's plan for cutting city pension costs took center stage at Wednesday's mayoral forum in Koreatown, with three of the four leading candidates in the March 5 election speaking against it during or after the event.
Former federal prosecutor Kevin James was the only candidate at the forum, sponsored by the nonprofit Korean American Coalition, to speak in favor of Riordan's plan, which would move newly hired city employees into 401(k)-style plans, not government pensions.
City Councilman Eric Garcetti opposed Riordan's plan, saying it would not produce any savings for 15 years. He also warned that the proposal would make it harder for city officials to cover the retirement costs of existing employees, who would continue to be eligible for pensions even as new hires move into 401(k)s.
Read more at the LA Times