This story is typical of what's wrong with Detroit and public employees unions in general...
Four trustees of Detroit’s two public pension funds are heading to a
Hawaiian beach resort this weekend with their $22,000 tab paid for by
the funds, which are mired in claims of mismanagement and said to be at
least $600 million underfunded.
Trustees say the conference
provides the education they need to manage complex investments for the
funds’ retirees and beneficiaries. But other major public pension
systems, including the Los Angeles Fire and Police Pensions, avoided
sending their officials to Hawaii because of concerns the exotic locale
sends the wrong message at a time when pensions nationwide are
contemplating or implementing reduced benefits to cope with rising
retirement costs and shaky investment returns.
Records obtained by
the Free Press under the Freedom of Information Act show the expenses
cover airfare — including a first-class flight for one trustee — lodging
at the Hilton Hawaiian Village Waikiki Beach Resort in Honolulu,
registration fees, meals and a per diem for miscellaneous expenses. Keep on reading...
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