Political, popular obstacles block pension changes


Detroit bankruptcy casts a shadow over a long list of cities in the United States, a new urgent to find a solution to the mayor of the biggest challenges facing the city in a generation.
Although there is no other city is expected to join the Detroit bankruptcy soon, similar problems of debt burden and abate industry, pension costs soaring plague city from providence, Rhode Island, to California, and in response to the mayor proposes that big change is the largest park in the long a government job, a good and reliable endowment.
"This is a playing lesson can walk along this road. You can take these things. But to some extent the bill expires," Stephanie Rawlings black mayor of Baltimore, said in an interview. "Sometimes people ask me let me awake at night. The city of the future is what makes me awake at night."
Unfunded pension liabilities for all us cities, county is a total up to $574 billion, according to a 2010 study, economist at northwestern university. It is a powerful city burden is already exposed to falling revenues, debt and ongoing costs to provide services.
Years of financial ignore leave the destruction of the financial status of Detroit, lead to the emergency managers put forward comprehensive change city give benefits by eliminating the pay increase and create a new style of 401 (k) retirement system.
Rawlings Blake also suggested to provide a defined contribution plan for new staff, combined with the realization and the contribution of their employers, similar to the 401 (k) account is familiar with the private sector workers. This change will only a part of an ambitious 10-year financial plans, including lower property tax, a smaller urban labor, attracted 10000 new family the largest city in Maryland.

<>Political, popular obstacles block pension changes

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