Thursday, June 28, 2012

Wayne County taxpayers on hook for $600M as generous pensions drain fund

Wayne County taxpayers on hook for $600M as generous pensions drain fund | Detroit Free Press | freep.com
Pension experts say plans should be close to 100% funded or on a path to reach that level.

"One of the common things that we look at are the trends and the real sustainability," said Don Fuerst, senior pension fellow at t
he American Academy of Actuaries in Washington.
"The decline from 99% down to 60% is not good. That's pretty low.

"In the private sector, if you fall below 80%, they start applying restrictions."

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