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  #11  
Old 07-17-2013, 01:56 PM
tommie frazier tommie frazier is offline
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No, but in an area that is pretty short on pension funding already (has gotten plenty of press), so Detroit's treatment of union pensions is an interesting precedent.


I don't mean ridiculously young or anything (but a fair amount younger than me, so kinda young), just that she's way too young to think about pension funding - certainly not the way her parents do (where they depend on the paycheck). She is cute tho - I can text you a pic if you want.
pics or GTFO
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  #12  
Old 07-17-2013, 02:09 PM
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No, but in an area that is pretty short on pension funding already (has gotten plenty of press), so Detroit's treatment of union pensions is an interesting precedent.

If they're in Illinois, then yes, they should be concerned. I assume not Rhode Island, b/c current pensions have already been whacked there. NJ and California... eh. I'm still betting on Illinois to be the big bust.


I doubt that Detroit's massive bankruptcy will be enough to shock Illinois politicians into getting anything done, though.
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  #13  
Old 07-17-2013, 02:39 PM
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Did not know that current pensions have been whacked in RI. You mean that people who have already been receiving payments have seen the payments reduced? Link?

Yes, IL. But I don't know how it's funded, they may not even be part of the state system (I think there's some local systems that are outside the state fund) and it's not my biz to ask, really.
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  #14  
Old 07-18-2013, 11:11 AM
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Did not know that current pensions have been whacked in RI. You mean that people who have already been receiving payments have seen the payments reduced? Link?

Yes, IL. But I don't know how it's funded, they may not even be part of the state system (I think there's some local systems that are outside the state fund) and it's not my biz to ask, really.
Yes. Central Falls, RI is the most notable of "whacked pensions". Other municipalities in RI have also altered pensions for current employees if not current pensioners.

http://www.reuters.com/article/2012/...88300220120904
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Old 07-18-2013, 11:11 AM
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Speaking of pensions...

http://www.freep.com/article/2013071...n-Orr-governor

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Detroit’s two pension funds today sued emergency manager Kevyn Orr and Gov. Rick Snyder in an attempt to block Orr from slashing pension benefits for thousands of current and active city workers as part of his plan to restructure the city’s massive debt.

The lawsuit asks the Ingham County Circuit Court to declare that Snyder cannot authorize Orr to take any actions — including filing for municipal bankruptcy — that would cut pension benefits, which the lawsuit says are protected by the state constitution.

The lawsuit comes in the midst of tense negotiations between Orr and Detroit’s creditors that will determine whether the city files for bankruptcy. It also represents a strong pushback from the pension boards against Orr’s plan to make “significant cuts” to active and retired workers’ pension benefits.

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  #16  
Old 07-18-2013, 11:13 AM
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http://www.businessweek.com/news/201...uptcy-filing-1

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Two Detroit pension funds sued the city’s emergency manager and the governor of Michigan, asking that a court find a bankruptcy filing would conflict with the state’s constitutional protection of public retirees’ rights.

The General Retirement System and the Police and Fire Retirement System of the City of Detroit filed the lawsuit yesterday in state court in Ingham County, Michigan, seeking a judgment that Governor Rick Snyder can’t authorize a bankruptcy filing that could reduce pension benefits.

The funds also sued Detroit Emergency Manager Kevyn Orr, who was appointed by Snyder in March to lead the city out of a fiscal crisis that has put it on the brink of a Chapter 9 municipal bankruptcy.
.....

Reducing payments to city retirees would conflict with a provision of the state’s constitution that bars such action, according to the suit, filed on behalf of the plans and more than 32,000 active and retired Detroit employees. Two similar lawsuits were filed by individual retirees in the same court earlier this month.

Hearing Set
A hearing on the other suits is set for July 22 in Ingham County Circuit Court in Mason.
.....

The new suit is General Retirement System of the City of Detroit v. Orr., 13-768-CZ, Circuit Court, Ingham County, Michigan (Mason).

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  #17  
Old 07-18-2013, 11:53 AM
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The state constitution requires them to be able to conjure money out of thin air? Didn't know the city of Detroit had that power.
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  #18  
Old 07-18-2013, 12:01 PM
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btw, in case you're curious, the appointment of the emergency manager has been criticized in racist terms, as in "Michigan Republicans don't want black people to govern their own communities."

ugh.
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  #19  
Old 07-18-2013, 04:21 PM
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http://www.detroitnews.com/article/2...text|FRONTPAGE
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  #20  
Old 07-18-2013, 04:26 PM
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