Detroit files for bankruptcy

[Cyber]

Yep, they did.

 

http://money.cnn.com/2013/07/18/news/eco..._inthenews

 

So does this mean there's currently NO FD or PD or are they voluntarily working unpaid...or what?

[fcdan]

City services continue as normal. 

[Guest]

Yep, the company I work for is stuck with a large outstanding debt!

[Richard_L_Dean_07405]

I feel bad for everyone who works for the city. From what I saw on the news  that the Detroit city employees don't know if they will ever be able to collect  from the pension systems they contributed to for so long.    Here in New Jersey where we do have financial problems also but have been getting addressed by our governor's administration and the legislature, all state, county and municipal employees belong to state pension systems therefore reducing the chance of the pensions failing.   Anyone who works full time must be a member of a pension system with different plans for different professions and job classifications.   Law enforcement officers and career firefighters are in the NJ Police & Fire Retirement System.    There is one for the teachers in our public schools.   Most jobs with the state government, county goverments and municipal governments are with the Public Employees Retirement System, the one that I am a retired member of as being a telecommunicatotr for public safety and 9-1-1 for 34 years.   3 1/2  years ago when Governor Chris Christie took office he found that our pension systems were almost broke as was our state government determining that if something was not done none would be solvent for longer than another 10 years.   Now our pension plans  and our state is coming back.

[BFD190]

Gotta love how unfunded liability somehow became a problem we created ..