Detroit pension board spends $22K to send 4 trustees to Hawaii
The annual National Conference on Public Employee Retirement Systems is in Hawaii this weekend. Four trustees of Detroit's two public pension funds are attending. The Detroit Free Press obtained records under the Freedom of Information Act that show that the city is covering the airfare, lodging at a resort, registration fees, and meals - a total of $22,000.
Trustees say the conference provides the education they need to manage complex investments for the funds' retirees and beneficiaries. But other major public pension systems avoided sending their officials to Hawaii because of concerns the exotic locale sends the wrong message at a time when pensions nationwide are contemplating or implementing reduced benefits to cope with rising retirement costs and shaky investment returns.