Taking care of the pension plan and the needs of retirees is a sacred trust for all people involved, from pension administrators to investment managers to the people in charge of structuring and managing the plan. But now a teacher in the City of Angels has initiated a class action lawsuit for $1 Billion that accuses the people in charge of systematically firing teachers near retirement so that they can reduce the number of pensioners on the rolls and thereby improve the financial position of the pension plan.
That is an incredible accusation. I can imagine that this will lead to years of court battles to sort out this mess.
You can read all about it by clicking here (opens article in new window) …