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Tagged: pensions

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1:09 pm
Fri September 28, 2012

State employee pension plan requirement ruled unconstitutional

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Another law requiring state employees to pay more for their benefits was struck down in court today. This requirement governed pension plan contributions. Another law requiring retiree health care contributions was found unconstitutional last year.
LANSING - Unions representing state employees have won another battle in their fight over benefits with Gov. Rick Snyder and the Legislature. Ingham County Circuit Judge Joyce Draganchuk, in an opinion released today, ruled unconstitutional a 2011 state law that requires state employees who are members of the defined benefit pension plan to put 4% of their pay toward the retirement fund.
Read More: http://www.freep.com
4:23 pm
Mon August 27, 2012

Couple living the high life with money from Detroit pension fund?

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Faberge eggs, Rodin sculptures, and a mountainside resort in Costa Rica. These are just some of the treasures being sought by Detroit pension fund lawyers. They're accusing George and Teresa Kastanes of bilking $5 million from a January 2008 pension fund investment deal. The Detroit News reports no criminal charges have been filed.
Detroit - A South Carolina couple accused of stealing $5 million from a Detroit pension fund lived lavishly, shopped for a $1.5 million Caribbean vacation home and splurged on jeweled Russian eggs and statues created by famed French sculptor Auguste Rodin, according to federal court records.
Read More: http://www.detroitnews.com

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