L.A. County Supervisors Demand Audit of County’s Pension Fund
L.A.’s auditor-controller will begin looking into the Los Angeles County Employees Retirement Association’s finances after a Los Angeles Times report found trustees had spent $1.3 million on travel in the past four years.
The expenses are far and above what comparable agencies spend on trips. LACERA spent three times as much as CalPERS, the nation’s largest pension fund, on trustees’ travel in 2014.
The County Board of Supervisors approved the audit on Tuesday.
“The motion includes an analysis of LACERA’s budget increases, travel and training operations and administrative expenses — and how those compare with other funds and industry norms,” according to the Times. “The motion also includes a desire for the state’s Joint Legislative Audit Committee to review the association.”
In a statement, LACERA’s acting chief executive Steven Rice said the association “understands and respects the county Board of Supervisors’ statutory right to perform an audit, and we will cooperate to the fullest extent” and that it welcomes transparency.