Detroit Pensioners To Get 16 Cents On the Dollar (Mismanagement Has Consequences)

Confounded Interest ^ | 10/27/2013 | Anthony B. Sanders

[abb]

That...

[Anton.Rutter]

Offer .25c on the dollar if they will accept being paid off with scratch off tickets...

[Lurker]

Screw them. They voted for it, now let them suck on it.

[usconservative]

Detroit is the future of the US under Democrats.

Chicago is next, and I cannot wait for the urbanites there to start rioting ... it's gonna be fun to watch from waaaaaaaaay out here in Will County, IL. Thank God the CTA's busses and trains don't come out this way..

[usconservative]

You mean!.....You mean!......the Democrat politicians got ALL of their money, and the people who elected them are only going to get 16%?
Hahahahahahahahahahahaha! Welcome to the Democrat party! Vote Democrat. They’re for the working man. Hahahahahahahahahahahaha!

That's about as accurate of an assessment of the state of the Public Unions marriage to the Democrat Party as one will read anywhere.

[digger48]

Delta City

[cripplecreek]

Considering the mess that was made, they should be happy its not 5% or less. I do think there may be ways to help everybody maximize what little they're getting.



Michigan legislative action thread

[digger48]

I’m in Central Indiana, and our local jails are already full of Obama kids from Detroit and Chicago.

The extra special ones get to stay 20-30 years in our state prison on our dime.

Where do we send the bill?

[cripplecreek]

Probably 75% will lose their homes and not have enough to eat.

That seems to be the favorite option of "conservatives" but I personally prefer to look for solutions.

[MotorCityBuck]

That Again!!

[ken5050]

That’s my understanding also. It refers to the unfunded portion of the DB plan. It’s also important to remember hat vesting in DB plans occurs based upon years of service. It’s not a flat haircut. A person with 20 years of service might only have a 5 haircut to his vested portion, whereas a person with only 5 years of service might have a 75% haircut to his vested pension..

[familyop]

Many who actually produced in the private sector have been aroused with the possibility of such haircuts of justice for a long time, and that news brought the first spasm and outpouring of relief. May subsequent warm waves of creamy ecstasy come from similar news about every rotten, thieving, commie local, yocal government.

[SeeSharp]

Was this a defined contribution plan? If so, the retirees probably only paid in a fraction of what they thought they were going to draw out in the first place.

[texas booster]

I remember being told that I was a secured creditor in my corporate pension plan.

By law (HA!!) my old company had to keep it secured and funded. As conservative as they were, I have no doubt that it (mostly) happened.

Are public sector pensions a different beast?

[wiggen]

theres a limit.

[ken5050]

A “secured creditor” means that those assets are seqeustered, protected, and can’t be thrown into the general pot to work out a bankruptcy filing. However, if there’s nothing there..it’s all moot.

[Abathar]

Here in Morgan county our jail is full of ignorant redneck hilljacks desperately trying to imitate Walter White.

I don’t think many Obama kids would do well here...

[texas booster]

However, if there’s nothing there..it’s all moot.

Is that why union executives went from soaking local communities to getting bailouts from the federal teat?

At some point even local politicians know when there just isn't enough money - usually when the older politicians have all left town.

[9YearLurker]

And about what a lot of their retirees deserve.

[CSM]

Yet nothing will be learned from this pain. They will continue to behave in exactly the same manner!

In 08 my campaign slogan was “Export Michigan’s economy! Vote Barak!” It upset many of those that I was around, but now they hang their heads in shame....