The report says spending was “effectively robbing” pension funds and contributed to a “significant underfunding” of the funds.
There are more than 20,000 Detroit city retirees whose pensions hang in the balance as the city moves through bankruptcy.
Nearly 18K state employees don’t have to contribute 4% of their pay to get full pension benefits in retirement because a law requiring the paycheck deductions is unconstitutional, the Michigan appeals court ruled.
Bill Schuette has officially joined Detroit’s federal bankruptcy case on behalf of pensioners.
A few dozen city workers took part in a rally, Friday, in front of the Spirit of Detroit.
“I think it’s despicable… and I think every Detroit resident will also find that this action is despicable,” said Richard Mack, Jr., an attorney for AFSCME Council 25.
The city’s retirement system is underfunded by $3.5 billion
An Oakland County community could become one of the first in the state to issue bonds to pay for retiree pensions or health care.
A judge has upheld most aspects of a new law requiring Michigan public school employees to pay more for their pensions.
A judge has temporarily blocked full implementation of a new law requiring Michigan public school employees to pay more for their pensions.