LONG BEACH, CA – A pension deal negotiated between the city of Long Beach, California and its police officers will save at least $16.6 million through 2016 and $69 million over the next 11 years.
The new deal would change the current 3%-at-50 formula to 2%-at-50, meaning officers would get two percent of salary per year of service at age 50 instead of three percent. Officers’ pension contributions would also be increased from two percent of salary to the full nine percent employee contribution. The city had been picking up most of the difference.
Long Beach’s director of financial management John Gross: “Any way you look at it, it’s going to be good for the citizens.”
Long Beach POA President Steve James: “We’re hoping we get to put to bed this whole pension issue…It’s probably what the community expects us to do.”
From The Press-Telegram.
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