The indictment claims that Detroit's former Treasurer and a pension trustee accepted kickbacks including massages, golf clubs, and tickets to a Playboy party.
Ina Drew described her oversight as “diligent,” and instead blamed the $6.2 billion in losses on certain “deceptive” London traders and flaws in her unit’s risk management operations.
The state allegedly misled municipal bond investors by failing to disclose the impact of pension contribution holidays, among other changes to its funding schedule.
A bill to close Florida's massive defined benefit pension plan to new members will soon go before state lawmakers--some of whom have put 'Pension Reform' high on their 2013 to-do lists.