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Police, fire unions sue Baltimore over pensions
June 6, 2010
Baltimore’s police and fire unions filed a federal lawsuit against the city Thursday afternoon, alleging officials “knowingly underfunded” their pension plan over the past decade, ignoring the advice of financial experts hired by the city, Baltimore Sun colleague Julie Scharper reports.
The lawsuit marks the beginning of what could be a lengthy and expensive legal battle in the emotionally charged debate on altering retirement benefits paid to public safety officers. If drastic changes are not made to the pension system by July 1, the city will be on the hook for $66 million that it cannot pay.
Article: The Baltimore Sun
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That is shocking that people are having these problems. Ensuring a pension scheme is in place gives people the understanding that there life will be in order once they retire.
Comment by SIPPS Review — March 9, 2011 @ 6:46 am