Government
Benefits
Pension Plan
City of Oakland v. Oakland Police and Fire Retirement System, Oakland Police and Fire Retirement System Board
Published: Nov. 17, 2012 | Result Date: Oct. 16, 2012 | Filing Date: Jan. 1, 1900 |Case number: RG11580626 Bench Decision – $11,500,000
Facts
An Oakland police officers' pension plan involving nearly 1,100 beneficiaries aligned its pension payments to current officers' pay. When the current police officers took pay cuts to balance the city's budget, the board overseeing the pension failed to simultaneously reduce the retirees' benefits. The Oakland City Council sued the board, seeking to reduce the officers' pension benefits.
Contentions
DEFENDANT'S CONTENTIONS:
Retiree defendants contended the City Council breached its fiduciary duty by mismanaging the pension at a cost of $250 million.
Result
Pension board was ordered to reduce benefits and pay back $11,500,000 in benefits.
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