Rep. McMillin Bill Requires Transparency for all Detroit Pension Board

November 10, 2010 by

HB5993 (filed March 2010) would require Detroit Pension Board post all expenditures (including extravagent trips to Hawaii) on a public website.  Today, Rep. McMillin said, “Passage of House Bill 5993 would give the needed transparency for Detroit’s Pension Board so citizens can see how these funds are being used.  Taxpayers have a vested interest in these costs, because the taxpayers are on the hook for shortfalls in the Pension fund, including shortfalls due to board expenses.”

See:
Detroit pension funds’ trustees take fun Hawaiian business trip
http://www.mlive.com/news/detroit/index.ssf/2010/11/detroit_pension_funds_trustees.html
 
Addition on Page 7:
4 (12) A SYSTEM THAT IS IN A POLITICAL SUBDIVISION OF THIS STATE
5 WITH A POPULATION OF 500,000 OR GREATER SHALL PUBLISH AND MAKE
6 AVAILABLE TO THE PUBLIC ON A WEBSITE ALL EXPENDITURES MADE BY THE
7 BOARD OF THE SYSTEM, INCLUDING, BUT NOT LIMITED TO, TRAVEL
8 EXPENDITURES BY BOARD MEMBERS AND THE SYSTEM BUDGET. THE
9 EXPENDITURE DISCLOSURE SHALL INCLUDE ALL EXPENDITURES MADE BY THE
10 BOARD OF THE SYSTEM AND ITS MEMBERS. PUBLICATION AND AVAILABILITY
11 SHALL BE ON A QUARTERLY BASIS.
 
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