Hello Ray:

According to an article in the Detroit News today, it appears that the City actually has a plan to save money for that 2024 target date.

http://www.detroitnews.com/story/new...ents/98306422/

They want to create a retiree protection trust fund separate from other city finances and increase contributions now. Goal is to have $90 million in the fund by the end of 2017, make large [[$15 to $60 million) contributions each year and then have $377 million saved by 2023.

Glad to see they are addressing this now as you can never forecast investment returns.

Only downside I see comes from this quote, “Councilman Scott Benson said Thursday he wants assurances the protection fund will be managed by a city-based minority firm. ‘I’m very concerned about who manages that money,’ Benson told Duggan.”

Yeah me too. However, they should be looking for the BEST investment managers – period. The last time the two pension funds were looking for real estate investment managers they had the same special priorities as Scott Benson wants now and we all know how that worked out.

Look at the millions lost and the number of people that went to prison. Just do a Google search using the words “pension fraud” and then add one of the following names: Robert Schmake or Michael Farr or Abner McWhorter or Chauncey Mayfield or Roy Dixon - I could go on.