What are we going to do when ALL the property tax revenues and local sales taxes go to PAY THE PENSIONS OF RETIRED “PUBLIC” EMPLOYEES??
I’ve read lately about a couple of cities where THEY ADMIT they spend more money on retired LE than they do for the current police force!
It’s coming. It’s just a matter of time. Will retired public employees be another part (along with the SNAP people and SS recipients) who are the main parts of the zombie hoards?
As I understand Detwaa's situation, even though Orr is trying to find a way to solvency ( the Pensions ) or re-negoiate them, by State Law the ultimate responsibilty for these reside with the State of Michigan. Which is unfair in a way, for 50 years they have been the drunken sailor, and everyone else will potentially get the hangover.
Hopefully not...
NYC allows cops to retire on half pay after 22 years of service. So somebody starts at 21, retires at 43, and has maybe another 30-40 years of collecting pension payments and health benefits.
Outside of retired police and firefighters, Detroit has 18,500 retirees currently collecting benefits from their pension plan. Orr is requesting docs from the pension plans, as we speak, because it had been assumed that the pension plans were the bright spot (ie fully funded). It turns out that, using his back of the napkin calculations, they are over $1 billion underfunded and the city will be forced to cough that up on top of what they have been shorting in payments to their own pension funds. There is no way to save it without a massive federal "gift" or bankruptcy. Unfortunately, with the current administration, I wouldn't rule out them dumping it on the taxpayers as a precedent with IL and CA coming up next...