Detroit Pension Looting, part 1

The Looting of Detroit’s Pensions — The American Magazine: ".... consider a Detroit city employee who retired after a full career of 35 years on the job. He would receive a traditional “defined benefit” pension of around two-thirds his final salary. Adding Social Security benefits, that Detroit worker could retire at around 95 percent of his prior earnings. This is a better pension than most Americans will receive and more than adequate by financial advisors’ standards. While private sector workers must finance most of their retirement, and the average state or local government employee contributes around 6 percent of pay toward his pension, Detroit workers contributed nothing to the GRS. And Detroit workers got this pension on the cheap: while private sector workers must finance most of their retirement, and the average state or local government employee contributes around 6 percent of pay toward his pension, Detroit workers contributed nothing to the GRS...."

Tweet Follow @hogsatthetrough