posted on Dec, 4 2013 @ 08:25 PM
reply to post by ltheghost
I can't disagree with what you're saying.
There has been no public announcement as to what will happen.
And it's far from over.
AFSCME and the funds are appealing...saying in part that the pension is a property and not a contractual right.....
The Pension Funds themselves are trying to calm the retirees...as the funds are far from broke.
Pension officials said the market value of the retirement funds is not in danger despite a judge’s ruling Tuesday that Detroit is eligible for
bankruptcy and that pensions can be impaired to restructure the city’s debt.
“There are people out there that are panicking and we do not want that panic,” said Michael VanOverbeke, general counsel for the General
Retirement System. “
From The Detroit News: www.detroitnews.com...
From what I have gathered, any cuts would involve ONLY monies owed to the Fund...not the balances already there...not sure how reliable this article
is, or if they are jsut trying to sell papers.
edit on Wed Dec 4 2013 by DontTreadOnMe because: (no reason given)