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Wed February 16, 2011
Legislation would require spending disclosure by Detroit pension boards
Detroit’s two pension boards would be required to post all of their spending online, under a bill before the state House.
The legislation is a response to stories published in 2009 about board members’ travel expenses. The boards’ trustees, their attorneys and staff racked up bills totaling hundreds of thousands of dollars for trips to places like Singapore, Hong Kong and Dubai.
State Representative Tom McMillin in the bill’s sponsor:
"I think that Detroit will be seen as…you know, maybe they were pushed to do it, but at the forefront of transparency, and I think others will follow, and it will just help gain credibility."
The bill would only apply to Detroit. But McMillin says he expects similar requirements for all pension systems in the future.