Why Michigan Has a Pension Problem [Michigan Capitol Confidential]:
"By JARRETT SKORUP | May 17, 2017 | Follow Jarrett Skorup on Twitter
"The largest fiscal issue facing the state of Michigan is retiree benefits.
For decades, the state and local municipalities have promised more retirement benefits to employees than they have set aside to pay for.
Gov. Rick Snyder and the Legislature are debating what to do about this.
There is nothing inherently wrong with pension systems — the problem is that politicians simply don’t fund them and instead pass the costs of today’s government onto future taxpayers.
For example, the state has saved $29 billion less than what is needed to fund the school employee retirement system and local government pension systems are similarly underfunded..."