And they underfund on purpose!Muskegon city officials fight to keep on top of 'legacy costs' | MLive.com:
"As a city with a $24 million general fund, Muskegon only has total unfunded legacy costs of $10.3 million for projected retiree pensions and health care coverage.
That is $269 in financial liability for every one of the city’s 38,401 residents.
Compared to other Muskegon County municipalities, Muskegon is in pretty good shape.
Fruitport Township with a $1.7 million liability equaling $143 for each of its residents leads the county local units of government and the city of Norton Shores has the biggest legacy hurdle with $51 million in costs equaling $2,141 per resident, according to the MSU study as reported by Bridge."
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