Former Mayor Antonio Villaraigosa’s pension has been revealed. The Los Angeles City Employee Retirement System announced Wednesday that he will garner $97,380 every year for the work he did governing the city.
Villaraigosa’s pension is to cover the 24.5 years he put in as mayor, City Council member, and state assemblyman.
- In 2002-03, pension costs were $157 million, or 3% of total expenditures. They grew annually at a rate of 25%, racing past every other area of the city’s budget.
- By 2012-13, the city of Los Angeles was expected to commit up to 32 cents of every dollar it spends on total payroll for its employees’ pension benefits.
- From 2003 to 2012, the city’s pension plans’ total official funding ratio plummeted from 99.7% to 77.2%.
- In the same period, the city’s officially-reported unfunded liability zoomed from $87 million to $9.4 billion.
Miguel Santana, Los Angeles’s chief budget officer, said in 2012 that the city would go broke if it continued its policies under Villaraigosa. But that won’t bother Villaraigosa; he’s being taken care of.