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 state: http://www.michigancapitolconfidential.com/22617
http://www.michigancapitolconfidential.com/archives/2016/July21-1.pdf
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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