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Carol Schatz of the Central City Assocation, Tracy Rafter of BizFed, Gary Toebben of the LA Area Chambe of Commerce and Stuart Waldman of the Valley Industry & Commerce Association have joined together in urging Mayor Villaraigosa to take initiate immediate pension reform as a remedy for the City’s financial crisis.

Calling the current pension system “unsustainable,” the business leaders offer several “core principles” as the foundation for reform that is critical if the city is to avoid the decimation of city services and potential bankruptcy.

For more details, take a look at the letter (download in pdf) and leave your comments at BudgetLosAngeles@gmail.com or here at the comment box below.