Um, I worked in Detroit for almost 20 years, and I have to agree with this guy, working in Detroit is like working in an occupied war zone. The DPD shrugged off SS and medicare for private pension and healthcare plans. This is just another breach of contract by a business entity (the city of Detroit), and it’s employees.
I find this very disturbing, because I work for a railroad, and the feds under paul ryan have been trying to confiscate the railroad retirement fund (a fund set up and fully funded by railroad employees before SS even existed), and will open the door for European style confiscation of ALL retirement funds. If the feds can violate contract law with impunity, then NONE of your retirement assets are safe.
You mean like the GM Bankruptcy, The Sebilius Mandate, and Obamacare? Yes the link between all three is the destruction of contract law.
Google Teresa Ghilarducci and what she wants to do with our 401k's ditto that Rep Richard Neal and his automatic 401k and the mention of a "retirement bond" within that legislation.
I feel for this man. I need more info however. The Police Pension is supposedly in better shape than the other 2, and the reduction is in the unfunded part that the city is on the hook for and this is what they will settle on. It is sad for him, but how many more were made promises that can't be kept as the question begs, what cities are next, and is this the 1st vindication of Bond Guru Meredith Whitney?
Given the nature of our Government and the people we have elected -- I don't consider ANY of our assets to be safe. Our esteemed Bill Lockyer (professional politician - I forget what position he's holding in the State Government this year) kind of let the cat out of the bag when he said in response to the question about how the State was going to fund all these programs by saying 'Oh, there is plenty of wealth in this State'. I.e., whatever you think belongs to you -- your house, your bank account, your stocks and bonds -- the Government considers it as belonging to them. They are just loaning it to us for a little while...
Keep your treasures in Heaven, because what you have here will soon be moth eaten and riddled with rust.
European style confiscation of ALL retirement funds
In my mind that is next after Obamacare