Monday, June 25, 2012

Life in "Progress" County - Wayne County MI

Wayne County taxpayers face a mounting bill -- now more than $600 million -- to cover the deficits in a county pension plan that was fully funded when County Executive Robert Ficano took office in 2003 but has since taken a steep dive.

The plan, with its shrinking assets and vast obligations, is in dire condition, experts say.

Under Ficano, the county's pension plan has been marked by generous benefits, rosy assumptions and accounting changes that mask the plan's troubles.

In other words, they're doing shit that would land someone in the private sector in prison.


No comments: