When the Bell scandal originally broke and Rizzo resigned, people (myself included) were outraged that he would receive an annual pension in excess of $600,000. But that no longer looks like that will be the case.
Instead, he’ll be eligible for about $70,000 per year.
From the Los Angeles Times:
Robert Rizzo and other former Bell officials who collected huge salaries won’t get pensions to match, state retirement system officials said Friday.
Because the city could not document a series of pay increases over the years, Rizzo will be entitled to retirement benefits on a salary of only $85,200 – or about one-tenth of his last yearly pay as city administrator, according to a Public Employees Retirement System audit report.
That reduced amount, based on Rizzo’s salary for fiscal year 1992-93, will drastically slash the $600,000 to $1 million in retirement benefits he was expected to receive. The actual amount of his potential benefits is unknown, but based on CalPERS formulas it would be about $70,000 a year.
Read the full article here.