Wayne County's pension plan, which already is in trouble, got additional bad news Thursday when an audit 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. John Wisely reported in the Free Press 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.
That figure does not include the latest losses, which almost certainly will drive it even lower.
The losses left Wayne County with $695 million in assets in a pension plan that last year paid out $136 million in benefits.
