, Columnist
Detroit Pensions: Unsafe at Any Speed?
Were Detroit's pension managers incredibly stupid or criminally irresponsible?
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Just when you think that Detroit's pension woes cannot get any more outrageous, another story comes along to make you question your faith in common sense and the laws of arithmetic.
I've written before about Detroit's mad practice of issuing "13th checks" to retirees every time investment returns exceeded protections. I was speechless when I first heard of the practice, which reflects the kind of fundamental math error that the pension trustees should have moved beyond by eighth grade.