Friday, May 17, 2013

Problem: Detroit's Pension Plans Badly Underfunded. Solution: Send The Trustees To Hawaii!

With pensions underfunded by at least $600 million, two of Detroit's public pension funds sent four trustees to Hawaii.

The Detroit Free Press: Detroit's pension boards pay $22K to send 4 trustees to Hawaii

Four trustees of Detroit’s two public pension funds are heading to a Hawaiian beach resort this weekend with their $22,000 tab paid for by the funds, which are mired in claims of mismanagement and said to be at least $600 million underfunded.

. . . .

Records obtained by the Free Press under the Freedom of Information Act show the expenses cover airfare — including a first-class flight for one trustee — lodging at the Hilton Hawaiian Village Waikiki Beach Resort in Honolulu, registration fees, meals and a per diem for miscellaneous expenses.

The Detroit pension plan situation is clearly desperate, but not considered serious by the trustees.

Of course, the trustees are just taking the President's cue about living large with lavish vacations to Hawaii at the public's expense, so can anyone truly blame them?

1 comment:

ProudHillbilly said...

Right up there with IRS heads who get +$100,000 in bonuses and then tell Congress they need more money in order to operate right.