Daniel Sutter, Freedom Pub -
During the city of Detroit’s bankruptcy, the state-appointed administrator sought to cut pension payments for thousands of retired city workers, in violation of Michigan’s state constitution. City retirees eventually accepted a 4.5 percent cut in benefits, in part to prevent possibly larger cuts. Many private-sector pensions are also shaky; the federal pension insurance agency is currently assisting a record number of multi-employer plans. READ MORE