Ratepayers subsidize LADWP Pensions

Over at BoiFromTroy, who has been blogging prolifically about Social Security reform and Governor Schwarzenegger's pension reform, we learn the following..."The Los Angeles Department of Water and Power is setting aside $100 million a year in ratepayer money to gradually cover a $1.3 billion unfunded liability to pay lifetime health care benefits for its retired workers, the Daily News has learned."

That's right, money is being secretly set aside from electricity rates to pay for people's retirements. Now DWP still gives its customers a good deal compared to the investor-owned utilities, but as a public agency, the problem seems endemic.