Bulwark Wrote:
Apr 03, 2013 11:57 AM
The huge deficits which cities end up owing pension boards results from the cities deliberately failing to pair their annual contractual obligations to pension systems. The employees obligation is deducted, each pay period, from their pay, by the city's payroll department and forwarded to the pension system. The city's share is diverted to pay for other city obligations and is 'owed' to the pension system.