Newly released public pension data from TransparentCalifornia.com shows a $1,462,770 pension payout going to former Los Angeles deputy police chief Earl Paysinger last year — with $1,338,232 coming from a one-time DROP payout and the remaining $124,538 representing Paysinger’s ongoing, annual pension amount.
The deferred retirement option plan (DROP) allows an employee to draw a salary and pension simultaneously for up to 5 years, with each year’s pension being deposited into an interest-bearing account. Upon actual retirement, the accumulated balance can be withdrawn either as a lump-sum payment or rolled over into an annuity.
The DROP program helped six members of the Los Angeles Fire and Police Pensions (LAFPP) system collect payouts of over $1,000,000 last year. After Paysinger, the next five highest payouts went to:
- Former assistant fire chief Emile Mack: $1,457,638.
- Former deputy fire chief Mario Rueda: $1,226,360.
- Former assistant fire chief Mark Stormes: $1,083,887.
- Former police commander Michael Williams: $1,079,058.
- Former deputy police chief Kirk Albanese: $1,006,872.
Los Angeles County
Despite lacking the DROP program, pension payouts at the Los Angeles County Employees’ Retirement Assocation (LACERA) were still quite large, with former Harbor-UCLA Medical Center chief physician Charles Mehringer’s $403,375 annual pension topping the list.
The next 3 highest LACERA pension payouts went to:
- Retired sheriff Leroy Baca: $334,978.
- Retired UCLA medical center chief physician Robert Morin: $326,278.
- Retired sheriff Larry Waldie: $325,554.
The third pension system serving Los Angeles is the Los Angeles City Employees’ Retirement System (LACERS), which serves non-safety Los Angeles city employees. Transparent California research director Robert Fellner noted that despite paying out comparatively smaller benefits than either LACERA or LAFPP, LACERS was in significantly worse financial shape than its peers.
“With an unfunded liability of more than 250 percent of covered payroll, LACERS will likely have to raise costs again, further burdening a city that already spends 20 percent of operating revenue on pensions.”
In dollar terms, the unfunded liability for LAFPP, LACERA and LACERS was $1.15 million, $9.5 million and $5 million, respectively.
The top three Los Angeles City Employees’ Retirement System (LACERS) payouts went to:
- Retired personnel department general manager Margaret Whelan: $237,451.
- Retired harbor department general manager Bruce Seaton: $236,530.
- Retired harbor department port pilot Michael Owens: $234,159.
To view the entire dataset in a searchable and downloadable format, visit TransparentCalifornia.com.
To schedule an interview with Transparent California, please contact Robert Fellner at 559-462-0122 or Robert@TransparentCalifornia.com.
Transparent California is California’s largest and most comprehensive database of public sector compensation and is a project of the Nevada Policy Research Institute, a nonpartisan, free-market think tank. Learn more at TransparentCalifornia.com.