Last week Los Angeles' city council voted unanimously to reduce pensions for new workers by raising the retirement age to 65 and requiring greater contributions from workers. Judging by the protests at the city council meeting, you would have thought that pension Armageddon was raining down on the city. Hardly. The modest reforms will only save the city $30 million over five years because they apply merely to workers not yet hired. How minor is that? As the chart below shows, the city's pension payments are scheduled to rise over the next four years by some $375 million.