In response to:

Fiscal Cliff: Michigan Union Experiencing Same Pension Headache it Forces on Schools

tgwWhale Wrote: Dec 03, 2012 9:23 PM
Defined-contribution (e.g., 401k), as opposed to defined-benefit pension plans actually work. That is why the Obaminations are plotting to take over all the 401k's -- they are not bankrupt, as all defined-benefit plans are, or soon will be.

When it rains it pours for the Michigan Education Association.

It was recently defeated on Election Day when it attempted to pass a ballot proposal that would have enshrined collective bargaining in the state constitution. Now it’s in full panic mode about a rumored Right to Work bill that may be introduced in the state legislature.

So as the union’s power is waning, it appears the cupboard may be going bare, too.

The MEA has been foundering under staggering liabilities for the last few years, and it may have just gone over the cliff.

Despite only a minor drop...