Skip to comments.A Small City in Michigan took the water savings account and applied it to its MERS fund
Posted on 10/26/2013 3:34:17 PM PDT by hondact200
The Municipal Employees Retirement System(MERS) requires members to be a minimum of 80% funded to be able to make any improvements in their current plans. The City is currently 78.9% funded. If MERS is not 100% funded the monthly dues to MERS may increase or decrease depending on the market. City Manager recommends using a savings to bring the City to a minimum of 80% funding. At, a previous meeting , the City Attorney concerns that the transfer may not be legal. A breakdown by department since consolidation has been calculated and a percentage of the total amount will be transferred into each individual fund. City Council moved to transfer $150,000 from a Water Savings Account into the MERS Fund, when it works best for the City. Now the City has cut the Police Force in half from 6 officers to three and no Chief of Police. Increased water and sewer tax by 5.00 a month. Threatening to cut City Lights in Half because the City has to make some cuts somewhere. Three City streets are closed and threatened with permanent closure because no money to fix the streets
the should be this. sorry i went to fix, but accidentally bumped the mouse and it posted instead. Just want some feedback
I guess asking the municipal employees to pony up a couple of extra bucks a month is out of the question??
More and more cities are becoming essentially federalized.
So what city is this?
I know Jackson has been fighting over the money collected by the illegal rainwater tax.
It ain’t legal here in Louisiana. We just put a mayor in jail two weeks ago for cooking the books.
Normally it would be an illegal misappropriation of funds—but, hey, municipalities misappropriate all the time—so politicians have more money to buy votes with and reward campaign contributors. That’s how pensions get underfunded to begin with.
Career politicians are the problem; term limits is the answer.
Which city in Michigan does this reference?
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