A stunning new actuary report on Detroit’s pension implosion has revealed that Detroit trustees doled out nearly $2 billion in undisclosed holiday “bonuses” to Detroit workers and retirees negotiated by the city and its unions.
Internally, officials called the bonuses “13th checks.”
“People were having a hard time, living hand-to-mouth, and we thought we would give them some extra,” Detroit pension trustee spokesperson Tina Bassett said.
Almost everyone received a bonus. “Most of the trustees on Detroit’s two pension boards represent organized labor, and for years they could outvote anyone who challenged the payments,” reports the New York Times.
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Financial journalist Megan McArdle, writing for Bloomberg, says the findings left her “speechless” and that “it’s hard to overstate how bad this is.”
