BLOOMBERG - Further excitement in the†saga†of Detroitís bankruptcy: Public-sector unions are challenging the cityís estimates of its pension underfunding. The actuaries hired by the cityís emergency manager say that the pensions are underfunded by 40 percent to 50 percent. The estimated shortfall,†according to the Wall Street Journal, is more than five times higher than previous estimates.
All On Wall Street articles are archived after 7 days. REGISTER NOW for unlimited access to all recently archived articles, as well as thousands of searchable stories. Registered Members also gain access to exclusive industry white paper downloads, web seminars, blog discussions, the iPad App, CE Exams, and conference discounts. Qualified members may also choose to receive our free monthly magazine and any of our daily or weekly e-newsletters covering the latest breaking news, opinions from industry leaders, developing trends and growth strategies.