Detroit Public Pension Fund’s Bankrupt but Trustees Jet off to Hawaii

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Kevyn Orr

photo of Kevyn Orr, a spokesman for Detroit emergency management, who is looking for a way to fire the Trustees

The Detroit Board for two public pension funds is spending $22K to send four Trustees to a conference in Hawaii, all expenses paid. They will luxuriate at the oceanfront Hilton in Waikiki Honolulu. [It should be noted here that Detroit is looking for a bailout with federal taxpayer funds]

The annual NCPERS conference provides education to manage complex investments for the funds’ retirees and beneficiaries.

It would be much cheaper for them to hire an instructor to come to Detroit for a week.

Two of the four trustees are leaving their positions in June and any education they get is quite useless.

The Detroit pension fund is mismanaged and they are about $600 million underfunded.

One of the reasons NCPERS organizers chose Hawaii is because Obama grew up there. (Huh?)

More information at freep.com

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