Shameful: Trustees of $600 million underfunded Detroit school pension fund jetting to Hawaii for conference...

This story is typical of what's wrong with Detroit and public employees unions in general...

Four trustees of Detroit’s two public pension funds are heading to a Hawaiian beach resort this weekend with their $22,000 tab paid for by the funds, which are mired in claims of mismanagement and said to be at least $600 million underfunded.

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, including the Los Angeles Fire and Police Pensions, 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.

Records obtained by the Free Press under the Freedom of Information Act show the expenses cover airfare — including a first-class flight for one trustee — lodging at the Hilton Hawaiian Village Waikiki Beach Resort in Honolulu, registration fees, meals and a per diem for miscellaneous expenses. Keep on reading...

Taxpayer Abuse: LA Police-Fire Fighters Can Retire and Stay on Job Drawing Salary

How would you like to retire early and stay on the bob drawing your full notmal salary in addition to retirement? This kind of double-dipping is allowed under the LA DROP program.

"DROP" stands for Deferred Retirement Option Plan. LAPD and L.A. Fire Department personnel who've worked for at least 25 years and are at least 50 years old can "retire," then go back to work immediately. When they return to work, pension payments are held while they continue collecting a salary, and after five years, they can leave and collect that money in a lump-sum payment. Read more here.

Think the last bailout was bad? How Does $3 trillion for unions sound?

State government pension plans are in such bad shape, eliminating early retirement and raising the retirement age to 74 would still leave them $1 billion in the hole. If Democrats have any say, Federal taxpayers will foot the bill.

The Hill reported:

Labor groups will be invited to the U.S. Chamber of Commerce to talk about an alarming shortfall in state employee pension plans that some believe could lead to a new government bailout.

Randy Johnson, the Chamber’s senior vice president for Labor, Immigration and Employee Benefits, told The Hill the total shortfall for state pension funds could run as high as $3 trillion.

A Chamber spokesperson said the event is in the early stages of development and that it is unclear which unions would be invited to participate or when the session would be held.

Democrat Introduces $165 Billion Union Pension Bailout Bill

In an attempt to payback their union supporters, Democrats are trying to put taxpayers on the hook for at least $165 Billion by putting the Pension Benefit Guarantee Corporation behind struggling union pensions.The final amount would be nearly unlimited depending on how long the recipients lived. Unions plan to spend well over $100 million on the 2010 midterm election.

FOX Business reported:

A Democratic senator is introducing legislation for a bailout of troubled union pension funds. If passed, the bill could put another $165 billion in liabilities on the shoulders of American taxpayers.

The bill, which would put the Pension Benefit Guarantee Corporation behind struggling pensions for union workers, is being introduced by Senator Bob Casey, (D-Pa.), who says it will save jobs and help people.

As FOX Business Network’s Gerri Willis reported Monday, these pensions are in bad shape; as of 2006, well before the market dropped and recession began, only 6% of these funds were doing well.

Although right now taxpayers could possibly be on the hook for $165 billion, the liability could essentially be unlimited because these pensions have to be paid out until the workers die.