Cash-Strapped Los Angeles Overpaid Police Pension Fund by $40 Million: Controller

Cash-Strapped Los Angeles Overpaid Police Pension Fund by $40 Million: Controller

The city of Los Angeles overpaid police pensions this fiscal year by about $40 million, Controller Kenneth Mejia announced in a social media video on May 20. The overpayment comes at a time when the city’s financial picture is “dire” as it faces a $1 billion budget deficit and hundreds of staff layoffs, he said. Recently, “we found out that the city was contributing more than we contractually needed to when it came to the police pension contribu…