Friday, December 5, 2014

PROBLEMS with the Bloomfield Township Defined Benefit Pension Plan

Here are two articles written by Lisa Brody of Downtown Birmingham/Bloomfield Publications on the township issues related to the PENSION PLAN. (see specific article links below)

I really think you should read them... and realize that there is much more to the story that needs to be uncovered...and soon.

Lisa Brody article about Township Study Session and the financial issues surrounding the pension plan.
Here is the link:

Lisa Brody
article on FOIA documents NOT given to Downtown Publications concerning issues surrounding the township pension plan.
Here is the link:

Apparently from what I heard at the Bloomfield Township Study Session this past Tuesday, was that the Township  Prudential Pension Plan was written (1961) in a way that most likely, no other plan like it exists today. And...that is good for everyone else..not us.   The GUARANTEE to these township pensioners is apparently NOT from the Prudential plan, but continually from the township taxpayers.  MILLIONS of the bond money needs to go to Prudential this year... much more than previously mentioned... which then limits the equity the township has to invest...and this will happen most likely... each year going forward.... Unless...something can be fixed.

While this pension plan was written in 1961... MOST of our elected officials have been on the Township Board LONG ENOUGH... to have personally learned the DETAILS of the pension plans... or, should have,   as they are they ones to continually make DECISIONS on funding them.  WHERE has our ATTORNEY, Bill Hampton, been on this issue?  Hasn't his firm been with the township for approx.  30 years?   The township will be looking for township residents with extensive knowledge on pensions/investments/ etc.   to be part of a special advisory board.  Stay tuned.

I couldn't believe that Prudential Retirement representatives did NOT show up for the Study Session meeting.  Perhaps even they had to go back and reread that 1961 agreement.  Perhaps we ALL should be able to read that agreement... were there any amendments or changes to that agreement since 1961?  If yes, when?  And how?   FYI:  Apparently, something needs to be signed at the December 8, 2014 Board of Trustees meeting for the Prudential Retirement account....because of a U.S. Supreme Court ruling on the definition of "spouse".

Anyone may FOIA  the December 2, 2014  @ 1 pm  Study Session AUDIO TAPE.... but that MUST be done before the Study Session minutes are approved.  Once the MINUTES are approved... that audio tape MAY be destroyed.   I believe the FOIA cost is $40 for the audio tape.  The minutes will be free, when posted.

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