Thread: Detroit Bankruptcy Detroit Files Largest Municipal Bankruptcy In Hist

Thursday Humor: Detroit Union Demands Payment For 13th Month Every Year

Submitted by Tyler Durden on 09/26/2013 10:40 -0400

Beggars once again have become choosers it would appear. As Bloomberg reports, a Detroit city union is demanding that the bankruptcy judge reinstate a policy that enables a "13th" monthly check to be cut for pensioners every year. The policy, which was ended in 2011, cost the city $1.92 billion, according to a report commissioned by the city. We are just not sure whether this an "Onion" headline or real.

Via Bloomberg,

Detroit’s bankruptcy judge should allow a state employment panel to reinstate a pension program that gave an extra check to retirees every year using excess earnings, a city union said in court papers.

Before it ended in 2011, the policy of issuing a “13th” check and related payments cost the city $1.92 billion between 1985 and 2008, according to a report commissioned by the city.

http://www.zerohedge.com/news/2013-0...nth-every-year

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