I've been following the Detroit mess very closely, and I of course feel very sorry for the retirees who will almost certainly have their pensions slashed. Given the constitutional protections of pension payments in Michigan, I can understand how many of those retirees figured they'd be ok even if/when Detroit went pear-shaped.
But now with the Detroit example for others to learn from, I'm curious if anyone who is or will be relying on a municipal pension from one of the poorly funded pension systems is starting to think of 'Plan B'.
I know, for example, if I had a pension coming from Chicago, Philadelphia, or the state of Illinois, I'd be giving it a lot of thought.
But now with the Detroit example for others to learn from, I'm curious if anyone who is or will be relying on a municipal pension from one of the poorly funded pension systems is starting to think of 'Plan B'.
I know, for example, if I had a pension coming from Chicago, Philadelphia, or the state of Illinois, I'd be giving it a lot of thought.