Sunday, August 7, 2016

Only 5 cities, out of the largest 100 (including Detroit), have a WORSE funding mess than Norton Shores.

The Mackinaw Center (A fiscally conservative research center) recently exposed the fiscal cancer that threatens many Michigan city pension plans.
The report "Detroit Was Just the Beginning: The Crisis of City Pension Systems in Michigan" analyzed the pension solvency of the top 100 cities in Michigan.
Detroit fell into bankruptcy, in good measure, because of severe underfunding of its pension and retiree healthcare plans.
I was shocked to see that Norton Shores had one of the most underfunded pensions in the entire statehttp://www.michigancapitolconfidential.com/22617
http://www.michigancapitolconfidential.com/archives/2016/July21-1.pdf



Only 5 cities, out of the top 100 (including Detroit), have a WORSE funding percentage than Norton Shores.
Something is seriously wrong in NS.

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