Pasadena : Retirement Bailout OKd
Special state legislation to bail out the city’s ailing police and fire retirement system has been signed into law by Gov. George Deukmejian.
The bill allows the city to use redevelopment money to bolster the retirement system, which was crippled by a shortfall of $125 million to $140 million because of high inflation in the 1970s. The retirement system serves about 450 active members and pensioners.
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