Former LA Mayor to Debate Unions on Pension Reform Proposal
Riordan petitioning to push city employees onto 410(k)-style plans
Multimillionaire Los Angeles businessman and former Mayor Richard Riordan has accepted a police union's challenge to put his mouth where his money is.
Riordan agreed Wednesday to a series of three debates on the merits of a pension revamp initiative that he is trying to get on next year's city election ballot. The measure would create a 401(k)-style retirement plan for newly hired workers instead of the current guaranteed pensions.
"Dick Riordan looks forward to the opportunity to share his views with the public about the dangerous path the city is going down when it fails to deal responsibly with its pension costs," his spokesman John Schwada said in a statement.