Multimillionaire businessman and former Los Angeles mayor Richard Riordan agreed Wednesday to three debates with the police union on his pension revamp initiative that would create a 401(k)-style retirement plan for newly hired officers.

Riordan is gathering signatures for an initiative he hopes to place on the May 21, 2013 ballot. Voters will also be electing a new mayor to replace termed-out Anthony Villaraigosa.

The measure would create a 401(k)-style retirement plan for newly hired city workers including Los Angeles Police Department officers instead of the current guaranteed pensions, reports the Los Angeles Times.

The Los Angeles Police Protective League, in a blog post, called Riordan's plan reckless and said it would be "more costly than the current pension systems."

Related:

Reckless Pension Reform In Los Angeles

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