Tax Payers Will Cover Detroit Municipal Worker Pensions

[bripat9643]

Under the Pension Benefit Guaranty Corporation, Detroit Municipal workers will not lose their pensions, although they may see a reduction in payout.

Pension Benefit Guaranty Corp - PBGC Protects America's Pensions

Michigan Attorney General Defends Detroit Municipal Pensions

Lansing — Michigan Attorney General Bill Schuette announced Saturday he will intervene in Detroit’s bankruptcy to defend the state’s constitutional protection of pension benefits city retirees and workers have earned.

Detroit’s Chapter 9 bankruptcy filing claims $3.5 billion in unfunded pension liabilities that Emergency Manager Kevyn Orr has said the city cannot afford to pay.

From The Detroit News: Michigan AG sides with pensioners in Detroit bankruptcy case | The Detroit News

this has nothing to do with PBGC.....but with the Michigan taxpayers....

if Detroit's pensions are deemed constitutionally protected......all of Michigan will get to participate in a "shared sacrifice" for the city of Detroit's stupidity and greed....ain't socialism grand....?

The mass exodus will commence the day after that decision is rendered.

 

[jgarden]

STATE CONSTITUTION (EXCERPT)
CONSTITUTION OF MICHIGAN OF 1963

Article IX § 24

§ 24 Public pension plans and retirement systems, obligation.

Sec. 24.

The accrued financial benefits of each pension plan and retirement system of the state and its political subdivisions shall be a contractual obligation thereof which shall not be diminished or impaired thereby.

Financial benefits arising on account of service rendered in each fiscal year shall be funded during that year and such funding shall not be used for financing unfunded accrued liabilities.

History: Const. 1963, Art. IX, § 24, Eff. Jan. 1, 1964

http://www.legislature.mi.gov/(S(ie...px?page=GetObject&objectname=mcl-Constitution

All Michigan politicians, including the Republican governor, have sworn an oath to uphold the Michigan Constitution - including Section 24 which prohibits them from diminishing or impairing the "financial benefits of each pension plan and retirement system of the state and its political subdivisions."

STATE CONSTITUTION (EXCERPT)
CONSTITUTION OF MICHIGAN OF 1963

Article XI § 1

§ 1 Oath of public officers.

Sec. 1.

All officers, legislative, executive and judicial, before entering upon the duties of their respective offices, shall take and subscribe the following oath or affirmation: I do solemnly swear (or affirm) that I will support the Constitution of the United States and the constitution of this state, and that I will faithfully discharge the duties of the office of .......... according to the best of my ability. No other oath, affirmation, or any religious test shall be required as a qualification for any office or public trust.

History: Const. 1963, Art. XI, § 1, Eff. Jan. 1, 1964
Former Constitution: See Const. 1908, Art. XVI, § 2.

http://www.legislature.mi.gov/(S(ie...px?page=GetObject&objectname=mcl-Constitution

By supporting Detroit's attempt to declare bankruptcy, the Governor is in direct violation of his oath of office as the judge told him, because his actions violate Section 24 of the Michigan Constitution.