Wayne County's troubled pension plan got more bad news Thursday when an audit analysis showed it lost an additional $113 million last year.
The losses for the year that ended Sept. 30, 2011, continue a downward trend that has shaved more than $300 million off the plan's portfolio since it peaked at about $1 billion in 2007.
The Free Press reported Thursday that the plan is only 60% funded as of its last actuarial evaluation in September 2010, one of the lowest funded of the major pension plans in Michigan.
No comments:
Post a Comment