From Racine Exposed:
"On This Labor Day Weekend: While the City of Racine
continues to play Real Estate Games and Failed Developer, there has been
a quiet disaster building in the background – that of it’s seriously
underfunded BUS Pensions and OPEB, which stands for Other Post
Employment Benefits. These alarming financial facts come from the 2012
Audited Financial Statements, which can be found HERE."
Read more: http://racineexposed.wordpress.com/2014/08/31/are-city-of-racine-bus-pensions-and-opeb-headed-towards-bankruptcy/
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1 comment:
Sounds to me like total mismanagement of this pension fund. There are strict guidelines that must be followed each year. There are supposed to be measures in place to warn of potential bankruptcy before it gets to the critical stage. There are rankings that take place each year and recipients need to be informed .... for their protection.
I am not a fan of across the board implimentation of Act 10. When it is imposed upon a group whose finances are in better shape than many private sector jobs, there us more going on than what is lawfully right. Workers need to have a common voice to ensure safe, productive, and reasonable workplaces.
On this day, of all days.... we need to understand the reasons of solidarity. Unions were not formed solely out of greed. Read the history about the fire that killed many. Read about garment workers. Learn the conditions that some workers stood up against. Learn how OSHA came into being, and why.
Let's honor workers today. We are very fortunate to live in a great country where we have a voice.
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