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Detroit’s Reduced “Hybrid” Pension Plans Could Become Model for Cash Strapped States

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Detroit’s pension crisis may be at the beginning of a resolution now that unions have approved a reduced plan. If  all goes well, this plan could serve as a model for cash strapped states that can no long afford pensions.

“The city and its labor partners have come up with what we think is the best option to strengthen employee pensions so we can continue to meet future obligations in a financially responsible and sustainable manner,” emergency manager Kevyn Orr said in a statement, according to the Detroit Free Press. “This new pension plan is the result of months of intense negotiation between the city, its unions and its retirees.”

The plan requires Detroit workers to contribute anywhere from four to eight percent of their base pay toward pensions, an amount that will be matched by the city.

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READ MORE via Detroit’s Reduced “Hybrid” Pension Plans Could Become Model for Cash Strapped States | breakingbrown.com.

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James

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  1. This plan is ridiculous. This is exactly what the city was supposed to be doing in the first place. Detroit has a revenue problem. Massive job losses and shrinking tax basins are not going anywhere any time soon. This is more of the same kick the can down the road for future generations to deal with.

  2. Gov. Snyder created a crisis for the People in Detroit, he created a staute that will take a supeme court to stike down the EM so-called law. The People voted down the first staute for EM’s. Stole Detroit revenue sharing Cash. Then lied to the people and said that pension are protected by the State of Michigan Constitution, and refusing to uphold his oath of office to protect the peoples pension. These officials voted and not voted into office are violating Federal Codes Title 18 USC, Sec. 241 Conspiracy aginst Rights, Title 18 USC, Sec. 242 Deprivation of Rights Under Color of Law. The people right to Redress. Our Public Official Know this, all of them We the People have the power not elected Officials. These new words of art are to trick the people “Hybrid” pension can not be protect by any law, because these contract can be void at any time!

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