Tax Payers Will Cover Detroit Municipal Worker Pensions

[drivebymedia]

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

 

[Soggy in NOLA]

With recent news of the Detroit bankruptcy, more people are asking about PBGC's role in public pensions. However, by law, PBGC doesn't insure state, county, or city plans.

From your own link...

PBGC Blog: Retirement Matters

 

[ScreamingEagle]

PBGC is like an insurance company for company pensions......companies have to pay premiums to PBGC for the insurance.....PBGC is like a private company which has to make money to survive and monitor its own risk...taxpayers do not backup and financially support PBGC...

PBGC can't sell pension insurance to governments.....i doubt it ever would even if it could....the risk is too great.....which is becoming more obvious everyday...

 

[Katzndogz]

Some liberal blogger misinterpreted the role of PBGC and put it on some liberal site where it is erroneously believed by other liberals.

When PBGC doesn't pay off, liberals will say that the company took premiums and is now refusing to pay the benefit.

 

[drivebymedia]

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

 

[Soggy in NOLA]

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

You do realize that your entire OP has been shot down as pure bullshit, right?

 

[drivebymedia]

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

You do realize that your entire OP has been shot down as pure bullshit, right?

Seems the tea baggers have posted that claim before!

 

[drivebymedia]

"In a statement released Saturday morning by his office, Schuette said the state constitution makes it “crystal clear in stating that pension obligations may not be ‘diminished or impaired.’”

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

 

[ScreamingEagle]

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....?

 

[ShootSpeeders]

The pensions can easily be paid by eliminating welfare. Why should the state give money as charity to people and yet refuse to pay money to those they are legally obligated to pay.

 

[Katzndogz]

Whatever happens to the pensions will be decided by the Bankruptcy Judge. It's not like state laws have never been invalidated by the federal courts before. Look at Prop 8 in California.

 

[Soggy in NOLA]

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

You do realize that your entire OP has been shot down as pure bullshit, right?

Seems the tea baggers have posted that claim before!

And they were right.

You should really do some more research before posting this kind of shit... you wouldn't look so dumb & dishonest. You claimed that the PBGC will cover the Detroit pensions, and that claim is false as the PBGC by law does not cover municipal pensions.

PERIOD.

 

[drivebymedia]

"In a statement released Saturday morning by his office, Schuette said the state constitution makes it “crystal clear in stating that pension obligations may not be ‘diminished or impaired.’”

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

"...The Detroit News reported Wednesday the Republican attorney general was under political pressure from Democrats and labor unions to declare whether he would defend the state’s constitutional pension protections in the bankruptcy case.

"Schuette said he’ll file for appearance Monday in the bankruptcy case in U.S. Bankruptcy Court in Detroit.



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

A huge win for the workers and Democrats!

Taxpayers will pay the pensions they voted for

 

[Katzndogz]

As the state attorney general he should defend the state. It's not like Michigan is California or would act like obama in picking and choosing which laws to protect and which not to defend.

The final decision will be made by the bankruptcy judge who could easily find that the obligation to protect the pensions was an obligation of the city, mandated by the Constitution. Not an obligation of the state. Detroit would have to sell off it's city owned assets to apply to the pensions.

 

[ScreamingEagle]

As the state attorney general he should defend the state. It's not like Michigan is California or would act like obama in picking and choosing which laws to protect and which not to defend.

The final decision will be made by the bankruptcy judge who could easily find that the obligation to protect the pensions was an obligation of the city, mandated by the Constitution. Not an obligation of the state. Detroit would have to sell off it's city owned assets to apply to the pensions.

is that enough to cover all of them.....?

 

[Soggy in NOLA]

"In a statement released Saturday morning by his office, Schuette said the state constitution makes it “crystal clear in stating that pension obligations may not be ‘diminished or impaired.’”

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

"...The Detroit News reported Wednesday the Republican attorney general was under political pressure from Democrats and labor unions to declare whether he would defend the state’s constitutional pension protections in the bankruptcy case.

"Schuette said he’ll file for appearance Monday in the bankruptcy case in U.S. Bankruptcy Court in Detroit.



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

A huge win for the workers and Democrats!

Taxpayers will pay the pensions they voted for

Yeah, whatever... call me when the taxpayers (and that would be the few people in Detroit that actually pay taxes) fork over $11b...

 

[drivebymedia]

A bankruptcy judge won't even think about overturning the State Constitution.

Unless of course, he's Toni Scalia ....

 

[Soggy in NOLA]

And the PBGC still isn't paying.. as you falsely claimed..

Liar.

 

[drivebymedia]

A bankruptcy judge won't even think about overturning the State Constitution.

Unless of course, he's Toni Scalia ....

“The question now is whether Schuette will strongly advocate for retirees, oppose the (Republican) governor and make sure these seniors get paid first,” said Kalamazoo attorney Mark Totten, a Democrat who has announced plans to run for the attorney general’s post next year.

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

 

[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

A quote from your site:

"By law, PBGC doesn’t insure state, county, or city plans."