Wayne County taxpayers face a bill of more than $600 million to cover the deficits in a county pension plan that was fully funded when County Executive Robert Ficano took office in 2003 but has since taken a steep dive.
The Free Press reports experts say the plan is in dire condition.
Under Ficano, the county's pension plan has been marked by generous benefits, rosy assumptions and accounting changes that mask the plan's troubles.
The most recent audit shows Wayne's pension plan has only 60% of the cash it will need to cover projected monthly checks for retirees during the next 30 years -- the lowest percentage for a major public-employee pension plan in Michigan.
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Detroit Free Press
