L.A. Water & Power fund manager put on leave

Duamel Vellon, retirement plan manager for the $5.7 billion Los Angeles Water & Power Employees' Retirement Plan, last week was placed on administrative leave, said Carol Tucker, spokeswoman for the Department of Water and Power. According to published reports, department officials had asked Mr. Vellon to explain why plan participants were not warned in advance they were being sent calendar year 2003 income statements that reflected 13 months of payments instead of 12, subjecting some participants to IRS penalties. Adriana Rubalcava is now serving as acting retirement plan manager, according to a source at the plan. Further details were not available.