Insolvent Detroit's Pension Fiasco

Insolvent Detroit's Pension Fiasco

The June 30, 2012 valuation for the Detroit Police and Fire Retirement System is out and it claims that the system is 96.1% funded.  So why the need for the cuts recently announced by the city's fiscal manager? What’s the problem? Basically that the valuation is a joke.  It doesn’t honestly value the pension liabilities it recognizes while ignoring others and  pretends to have more money than it reports is in the plan.

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