Norton Shores disaster awaits-----Detroit Was Just the Beginning: The Crisis of City Pension Systems in Michigan

Detroit Was Just the Beginning: The Crisis of City Pension Systems in Michigan [Michigan Capitol Confidential]:
http://www.michigancapitolconfidential.com/22617
"In 2014, Detroit retirees learned the consequences of waiting too long to reform pensions.
Retirees took a $1.3 billion hit to their pensions because of a mismanaged and underfunded system. Michigan taxpayers had to pay $200 million to clean up the problem.
But other municipalities around Michigan have underfunded systems, too, and only some are taking concrete steps to solve the problem.
Michigan Capitol Confidential looked at Michigan’s 100 largest cities and found that 80 of the systems were underfunded. 
Combined, these 80 cities and townships have only saved 62 percent of what they will need to pay the pensions of future retirees.
Even after Detroit's recent bankruptcy settlement, their total unfunded liability equaled $4.6 billion.
Five cities contributed the most to this liability, responsible for over half the total. Detroit comes in at the top of the list with a $1.6 billion liability.
Flint’s unfunded liability is $285 million, Lansing’s is $246 million, Warren’s is $207 million and Sterling Heights' is $166 million.
The total unfunded liability of these four cities is $2.5 billion.
Of the 20 cities that are not considered underfunded, most (14) offer a defined contribution retirement plan instead of a defined benefit pension plan..."
http://www.michigancapitolconfidential.com/22617
http://www.michigancapitolconfidential.com/archives/2016/July21-1.pdf