Detroit's Underfunded Pensions Foot $22K Tab For Trustees' Vacation
Via Jalopnik.
How nice of them....
Quote:
Detroit's Underfunded Pensions Foot $22K Tab For Trustees' Vacation
Detroit's public pension funds are said to be whack — more than $600 million underfunded whack — yet four trustees of two funds spent this weekend in Hawaii, all expenses covered.
Why, you ask?
To attend a conference that "
provides the education they need to manage complex investments for the funds’ retirees and beneficiaries," the
Detroit Free Press reports. Is there a problem? Kind of! The four headed to Honolulu with more than $22 thousand in expenses taken care of. In the name of education!
The
Freep obtained records that show airfare, registration fees, lodging, meals and a per diem for miscellaneous activities were covered for the conference in beautiful sunny Hawaii.
Mind you, this isn't illegal — state law dictates public pension funds can spend up to $150,000 per year on "education" — but, as you may feel reading this, it's a stupid move. A real stupid move considering the insane position the
city currently is in, financially speaking. [[That's the correct term, right? Insane?)
When this broke, I envisioned Rob Roddy sitting ringside at the meeting of the Trustees when this was squared away back in December and February, microphone in hand, blurting out to the the lucky foursome that they
JUST WON A TRIP TO HAWAII HOW DO YA FEEEEEL?
It feels good, Rod. It feels real, real good.
Red the rest here.
