Minneapolis Pension Levies
From:
Michael Katch
Date:
Mar 30 03:09 UTC
Short link
Sorry Tim
I just spoke to one my friends who was also at the meeting and Tara Barenok
definatly said that they used Legacy fund money to pay this years closed end
pension obligation and the amount of the payment due from the city was going to
double in 2008 to at that time was supposed to be $74,000,000, and to arrive at
that loss the fund would have to earn 8 1/2% interest. We can only imagine with
the Stock and Bond market being what it has been, that we poor city residents
will be on the hook for far more money this year. There is really no need to
sugar coat how screwed we are. I have torn the city budget apart, and this
administration may not be completely to blame, but I get the feeling that our
city is Enron and its late 2001.