Los Angeles, November 26, 2012 – The Los Angeles Police Protective League Board of Directors said today that they were not surprised that former Mayor Richard Riordan has temporarily abandoned the deeply flawed pension scheme he was trying to qualify for the May 2013 ballot.

“The plan proposed by Riordan to close the defined benefit pension system as a way of saving money was both simplistic and costly for the taxpayers,” said Tyler Izen, president of the Los Angeles Police Protective League.

The proposed Charter Amendment would have dramatically increased the City’s required payments to the three Los Angeles pension systems by hundreds of millions of dollars. These increased costs, which would have been in addition to already scheduled contributions, would have taken effect as soon as the systems were closed to all future employees and would have continued at the increased level for a decade or more.

“We appreciate Mr. Riordan’s concern for the City’s financial status, we just disagree that this Charter change was a viable option. As I have said from day one, thoughtful analysis and real solutions are needed to address pension issues, and the League will continue to work towards those solutions with the City or anyone else who wants to roll up their sleeves and help,” Izen stated.

Contacts: Eric Rose (805) 624-0572 or Paul Haney (626) 755-4759.