Los Angeles County Board of Supervisors Chairman Don Knabe released the following statement upon the ratification of reforms to the County’s retiree healthcare obligations, which could save up to $840 million over the next 30 years:
“Today’s vote marks the final step in a months-long approval process, with reforms agreed to by labor leaders, County management, and the Los Angeles County Employees Retirement Association Board of Retirement and Board of Investments.
The County was on-the-hook paying for healthcare for people who had never even worked here. We had a responsibility to reduce spiraling obligations for future employees, while still providing a level of retiree healthcare that is both sustainable and fiscally responsible. Over the last several years, our labor partners were essential to helping the County weather the recession by sacrificing raises and cost of living increases. I’m grateful that labor has stepped-up once again, agreeing to reforms that could save us up to $840 million in the decades ahead.”