Former Mayor Antonio Villaraigosa will receive a pension of $8,115 per month for an annual payment of $97,380, Los Angeles City Employee Retirement System officials said in remarks reported today.
Villaraigosa, 60, served two terms as mayor until being forced by term limits to leave office on June 30. He was credited with having put in 24.5 years of service, including years as mayor and City Council member and his time in the state Assembly, the Los Angeles Daily News reported.
Banc of California, a community bank with headquarters in Beverly Hills, and Irvine, announced earlier this month that Villaraigosa had been hired as an adviser to CEO Steven Sugarman. His compensation was not revealed.