Wayne County is on hook for millions in pension legacy

New audit shows Wayne County has 60% of funds needed to cover pension payments

Published On: Jun 21 2012 06:14:37 PM EDT
DETROIT -

A new audit of Wayne County finances shows the county does not have the money it needs to cover it's pension legacy.

According to the recent audit, the Wayne County pension plan was fully funded when Robert Ficano took office in 2003.

Now the pension plan only has 60% of the money it needs to cover the projected payments for the next 30 years.

County Executive Robert Ficano has blamed stock market losses, but critics of his blame overly-generous pension policies.

Right now both the pension plans in Oakland and Macomb counties are both more than 100% funded.