The inmates were running the asylum when Imperial Irrigation District had three golden handshake programs, i.e.
— Two TRIP programs
— One exit program
The inmates were running the asylum when IID allowed lump-sum pay-outs of its actuarially funded retirement program.
The development and adoption of the new pension plan was a classic, i.e.
— The technical advisory group and the board study group joining forces.
— The proposal being heard and acted on at four consecutive special board meetings where in the open sessions followed two hours of closed sessions (and effectively eliminating public participation).
The new pension plan includes:
— Change to a fully funded 401(a) plan.
— Borrow $75 million.