Detroit Retirees Ponder Future Pension Cuts in Wake of Judge’s Bankruptcy Ruling

Now that the City of Detroit has been given the green light to proceed with restructuring under the protections of Chapter 9 of the U.S. Bankruptcy Code that govern municipalities, potential large-scale cutbacks, including the pensions of city retirees and steep losses for unsecured creditors, are likely the order of the day.

Reading aloud from prepared text for more than one hour, U.S. Bankruptcy Judge Steven Rhodes ruled on December 3rd that Detroit is officially eligible for bankruptcy because it met the specific legal criteria required to receive protection from its creditors. As a result, Detroit now holds the title of ‘largest bankrupt city in U.S. history.’

Detroit is $18.5 billion in debt, and says retiree benefits and retiree healthcare account for half of its liabilities with $5.7 billion of debt stemming from retiree healthcare and an additional $3.5 billion in unfunded pension liabilities.

Although Rhodes ruled the city did not “negotiate in good faith” with its creditors, he called those negotiations “impracticable,” since many of the more than 100,000 creditors were unable or unwilling to negotiate in the first place.

As part of the restructuring, Rhodes also decided the city could cut pensions, ruling against an earlier argument by Detroit’s 23,500 retirees that Michigan’s constitution allows for special safeguards that protect retiree health care benefits and pensions from being slashed. While Michigan’s constitution protects public pension benefits as contracts, those contracts can be impaired in a municipal bankruptcy, Rhodes determined.

Yet, Rhodes cautioned that his court would not necessarily confirm any plan of adjustment that impairs pension rights, saying the restructuring plan must take into account all creditors-including retirees-and weigh that against what is most judicious for the city.

The American Federation of State, County and Municipal Employees Council 25 (AFSCME) filed a notice of appeal claiming the judge made an error in ruling that federal bankruptcy law takes precedence over public employee pension protections entrenched in the Michigan constitution. Michigan Attorney General Bill Schuette called the judge’s decision disappointing and said he will file amicus briefs with the court reaffirming his support for protecting pensions. Other labor groups and Detroit’s pensions are expected to appeal as well.

Rhodes declined to stay the bankruptcy proceedings as appeals begin to proceed through the courts and said all motions to appeal his ruling must first be filed in bankruptcy court. He previously stayed all state court action in the case.

Now that Detroit has been declared ‘eligible’ for bankruptcy, Detroit emergency manager Kevyn Orr is finalizing a “plan of re-adjustment,” which is slated to be filed by early January. Prior to the bankruptcy ruling, Orr’s initial proposal, which offered unsecured creditors shares in a $2 billion note in exchange for $11 billion in unsecured debt, may be altered.

Other financially troubled municipalities with unfunded pension liabilities will be keeping a close watch on future developments in Detroit. Unlike employees who work in the private sector, public pensions are not protected by the federal Pension Benefit Guarantee Corp.

Even though some analysts predict the arduous process of proving bankruptcy eligibility alone will keep most municipalities from imitating Detroit, the ruling does provide a model on which other cities may try to follow in the future.

Quoted in a December 3, 2013 Reuters article about the bankruptcy ruling, Richard Ciccarone, president of Merritt Research Services, said this decision “could create more bankruptcies because it’s a way to get out of pension contracts. It more than likely will mean that hard-pressed, stressed creditors with legacy liabilities will have to consider the option.”

Robert Novy-Marx, an associate professor of finance at the University of Rochester’s Simon Business School calls the judge’s ruling “hugely important” in a December 3, 2013 Detroit Free Press article. “In terms of the legal landscape, it clarifies the fact even pension benefits can be impaired,” he said.

“That very much changes the conversation that workers and municipalities have going forward,” said Novy-Marx, who has expertise in public pensions. “Up until now, the workers have said we’re going to get paid no matter what. We’re not going to negotiate.”

Rhodes’ ruling also means that the Detroit Institute of Arts (DIA) is not exempt from the restructuring. The city-owned collection, which includes paintings by Vincent van Gogh and Henri Matisse among other prized possessions, is being evaluated by auction house Christie’s, since about 500 pieces could be affected by the bankruptcy, according to Detroit emergency manager Kevyn Orr. Christie’s auction house estimates on a preliminary basis that artwork purchased by the City for the museum’s collection is worth up to $866 million.

Detroit is not the only U.S. city facing daunting pension obligations. Chicago faces a $20 billion pension shortfall, while the state of Illinois holds the dubious distinction of being the worst funded public employee pension system in the nation with almost $100 billion in unfunded pension liabilities. Illinois passed a long-awaited public pension reform on December 4, 2013, which was signed by the governor and is being challenged by the unions.

Global Travel International and how it works

Global Travel International has a number of internet marketing programs on the market today that integrate online bookings and move a travel agency toward the brick and mortar business. It has a very good reputation and it is a proof that it has been going on for the last 15 years. However, the real question is what does this mean for you? This article was created to help you find the right one.

To begin with, it is good to clearly understand the working principle of this system. In short, you are basically a tenant who expects the service of the generation of leadership and you thus pay. For 14 days, this gives you the opportunity to try if it works without any risk for you, although the cost for the opportunity trial offer is considered non-refundable.

Expenses on the membership fee include an annual membership fee of 69 8,698 from the অফ 200 online offer that allows you additional training modules and free vacation or cruise access. Also expect to pay a one-time activation fee. The system has three subscription levels consisting of Silver, Gold and Platinum. All of them have an annual membership renewal fee of $ 199 নেই Your subscription level has no effect on the amount of commission earned. It depends on how much you manage to secure the sale.

After you sign up for the program you will find your own website that you can use to direct good customers and search customers to book travel tickets. Each ticket that customers book is granted to you by the relevant commission which can be tracked through the system’s web page or through a reference number through the GTI Travel Reservation Center.

One of the great things about Global Travel International is that it has a huge network. Currently, they have 40,000 agents in about 80 countries around the world. As a member, you can also benefit from discounts on your travel, accommodation and automobile rental expenses. To benefit from these discounts, of course, many people have chosen to become members and are not worried about making any sales. This is especially true for those who travel a lot to save a few thousand dollars a year. This is an advantage even after considering that you are not actually making any effort to sell. So there is no need to make any effort in training. That’s all there is to mentioning people on your site.

Having said all the great things about Global Travel International, I also got a few challenges regarding its use. As a matter of fact, the business is conducted in a polarized market. The first inclination of many when planning and booking a trip is to access sources like Expedia or Priceline which are the mainstream source of travel needs. Introducing your website to a large number of customers does not walk the park. It is also not easy to make a profit on the discounts of the airlines that you have to sell for মূল্য 100,000 worth.

Bottom line

Searching for information about this particular home-based business opportunity, I would say that the best way to take advantage of it is to benefit from the travel discount that the system gives you as a valuable member. It would be ideal for someone who travels a lot as part of their business needs. Your travel agent card may not be valid at certain organizations but expect the truth, so check it out first to see if you can make the best out of it.

In the case of actual sales, drawing is not a very simple picture given the fact that your earnings potential translates to 25 25 for a $ 500 ticket. The challenge of launching your website makes the situation more complicated. This can help if you focus on group bookings and cruises instead. So if you do not take up these challenges, I would recommend sticking to your travel discount if you have these travel requirements. What do you think? Feel free to post your own review below.

Look for affordable travel when buying flight tickets

Online ticket booking through booking engine must be easy to monitor and book.

Travel portals that offer cheap flight ticket bookings need to have the following qualities to satisfy their travelers. Booking Engines:

1. Must be easy to navigate

2. Must have extensive airline listing

3. Must have flexible time and

4. There must be a price limit option.

Travel portals need to provide occasional discounts, offers and promotional plans for all ages and occasions. The portal should also have the facility of fast and smooth online transfer of money through prominent gateways like credit cards, bank transfers and other prominent methods.

Some portals offer (excluding air ticket bookings), train ticket bookings, bus reservations and hotel bookings to various destinations. Travel portals have a reputation for package tour deals and special event packages tend travel portals that provide travel insurance, travel advice and safety measurement guidelines will have a marginal edge for their sales.

There is healthy competition here and many travel portals offer this facility. Some portals even provide news feeds for customers. They also share travel experiences with many co-travelers which will help new members plan their trips so that they become more enjoyable and memorable. Travelers who go to pick up a ticket reservation online can also look for the convenience of canceling online and the reservation status if they are on the waiting list. They can also look for seat and berth choices for their travels. If any portal gives all these benefits then it will be a good travel portal.

Travel tips that you don’t know about

If you travel regularly for business and / or pleasure, you are probably aware of many of the standard travel tips, such as your advance booking and keeping your luggage weight below 50 50 to avoid extra weight fees. But for the conscious traveler, we offer a little less familiar, suggested offer to help you save money and reduce travel stress.

Sign up for the TSA pre-check program. If you travel a lot, you can look for the Transport Safety Administration’s Precheck Trusted Traveler Safety Screening option. Pre-check members are eligible for instant security screening at participating airports. More than 336,000 passengers have already passed through Prechek Lane. Members of the American Airlines Advantage Program are currently available at Kennedy, Dallas / Fort Worth, Miami, Las Vegas, Minneapolis and Los Angeles airports in New York, and members of Delta Skymiles in Atlanta, Detroit, Las Vegas, Minneapolis. The TSA has announced that US Airways, United Airlines and Alaska Airlines will begin preheating operations later this year. Prechecks are available for members of the Global Entry Program of Customs and Border Protection.

Be aware of new airline ticket pricing rules. Earlier this year, the Department of Transportation (DOT) passed new rules needed to make commercial airlines more transparent about how they advertise their ticket prices. In the past, airlines used to advertise only the original price of the ticket. Now, airlines must disclose the total price of tickets to ticket buyers, including round-trip fares, more mandatory federal taxes, airports and any other fees a passenger must pay. Be aware that when you shop online for tickets, the advertised price includes government and airport taxes and additional fees. Understand now, because previously hidden fees included the advertised price of a ticket, what we consider a good price for a ticket will be higher than in the past.

Save money with smart travel apps. Going on a road trip? Take advantage of technology, including gas prices. There are plenty of smartphone apps out there. Check out GasBuddhi, FuelFinder, iGasUp and Triptic Mobile to find gas stations with the best prices. Use Route 4 Mail, WAZE or Google Maps to find the most fuel efficient route. Roadhead for iPhone lets you know your location on the highway and incoming and outgoing service and gas prices.

When traveling abroad with your smartphone, notify your service provider so that you are active for international use. To avoid high-per-use rates, only use the data portion / internet access when you need to check the email. Use free Wi-Fi whenever possible, but sometimes you won’t be able to access a bank account or personal financial information. Don’t join networks with the title “Free Public Wi-Fi” They are often insecure networks created by hackers. Also, be aware of roaming rates, especially in European countries.

Airlines play a major role in the growing travel business

By being responsible for selling thousands of flight tickets, airlines prefer to offer exclusive fares to consolidators. They get fares from airlines at negotiated rates depending on their long-term relationship with them. Travel agencies look for airline consolidators to ensure adequate profits while offering attractive discounts to their customers. The diversity of the travel sector brought more air traffic which led travel agencies to direct the travel business in one way or another. Travel agents find huge sources of airline ticket consolidators to increase their revenue. By contacting the airline consolidator, they can greatly increase their flight bookings.

Let’s move forward with a better understanding of airfare consolidators. They sell the lion’s share of airline tickets for discounted fares from the airlines. They pass the airports discussed in more travel agencies so that these agencies can add the necessary markup while giving attractive discounts to their customers. The catch of travel agents here is to maintain a personal fare below the published fare and pay it to customers who end up receiving less rent than the published fare. Buying large quantities of air tickets from airfare consolidators already commissioned with airlines has proved valuable to many travel service providers. The business has consolidated both as well as made it more flexible for travel agencies. Consolidation Fares These travel management companies typically run the business for about 45% commission on flight fares.

Published and private rentals

The fares are the same for anyone who can easily get them through the airline’s website. However, undisclosed airports, also referred to as private fares or consolidated fares, are offered to travel agencies or travel agents at a net price, which can be about 30-60% lower than regular flights. This allows travel agents to earn great commissions that allow their customers to make substantial discounts even after setting up decent markups. Some of them wait for the time when they can get the maximum drop in price due to alt discount.

We all know very well about the importance of online booking engines. While bug-free travel portals are a plus point, teaming up for international fares with major airlines can make a huge difference in terms of business travel. With them, travel service providers get access to discounted airfare content across multiple GDSs. Yes, before that, they may be limited to a single two GDSs but paired with a top airline consolidator to deliver the best deals across multiple GDSs. TMC (s) can expect a tremendous increase in their dividends by saving up to 30% on fares published with the help of airfare consolidators. To keep the graph high, these airlines create better conditions with the airlines by distributing private fares to various travel agencies in order to sell more airline tickets. This allows travel companies to book minimum fares to offer customers the best deals through multiple GDS or non-GDS sources.

Brings the best deals for travel agents

Airline consolidators are able to negotiate fares with airlines. Travel agencies that book fares for customers claiming premium class seats can make a healthy profit after buying the same console fares. In addition, travel agencies can often buy airports based on regional traffic that are usually booked. The diversified airfare materials of these consolidators allow them to save huge amounts on international fares. With this, travel agencies can book the right fare for customers with more attractive deals on holiday packages. Travel agencies make more money by partnering with airline consolidators. Since it allows them to access multiple GDS contents simultaneously. This helps them to present beautiful deals for their customers while earning a substantial amount.

Dismal Drop-Out Rates for Detroit Schools

A 2006 newspaper report and a 2005 Princeton study spell costly problems for the students and residents of Detroit Schools. In 2006 USA Today reported on a study funded by the Bill & Melinda Gates Foundation. It said that several of the nation’s largest school districts had less than a 50% graduation rate. Detroit Schools, the 11th largest district in the country, was dead last with an appalling 21.7%.

Of course, the study spurred heated debates regarding its accuracy and impartiality. In 2005 the state and city placed the Detroit Schools’ graduation rate at about 44-48%, depending on the source. Some of the discrepancy is accounted for by looking at “timely graduation rates” versus those who graduate in more than the four-year time period. Either way you look at it, no one in Detroit Schools is happy with it.

High School drop-outs cost Detroit Schools, and the city’s residents, money. Lots of money. A 2005 Princeton University study found that a high school drop-out, on average, costs the county $260,000. It estimated that Michigan drop-outs stand to lose over

$11 billion in total lifetime income by foregoing the diploma. The reasons are clear.

Whether you look at the Detroit Schools, or any other district, the patterns are the same. High School graduates make more money, live longer lives, have healthier and better educated children, are less likely to become teen parents, are less likely to commit crimes, and are less like to rely on government social and medical services. The Detroit Schools feel the impact of these costs on its high welfare rolls and unemployment rates. The unemployment rate in Michigan is the worst in the country, and the high percentage of drop-outs is directly linked.

Over 50% of the inmates in Michigan jails are high school drop-outs. And it costs the state over $29,000 a year just to house them. 40% of parents on public assistance in the state are also drop-outs of Detroit Schools (or other schools).

The problem gets worse when race is included as a factor. In fact, the Princeton study estimated the increase in personal income that could be attained by raising the “educational attainment” of minority groups to that of white students by 2020. It found that students in Michigan and Detroit Schools would gain over $3 billion in additional total personal income. The question is how to make it happen.

The racial gap has existed for years and it poses a huge problem for the Detroit Schools. Funding for adult education was slashed by over $50 million two years ago. Now the Detroit Schools are struggling to meet mandates for class size and proficiency put in place by the 2001 No Child Left Behind Act.

And in another racially heated move, the US Supreme Court recalled the Brown case that had allowed the use of race as a factor to determine school attendance, and to attempt to integrate schools. This is a touchy subject for Detroit Schools, since the 1974 Milliken v. Bradley decision that said desegregation cannot be enforced across district lines. Many residents of Detroit Schools still view that decision as a factor in the resulting “white flight” that has left Detroit Schools a divided and failing district.

Buy plane tickets online and keep these things in mind to get a good deal

There is no need to hire a travel agent these days. Everything a customer needs to find and buy a plane ticket online is available at their fingertips. No matter where you want to go and when you need to get there, you can book your entire trip online and plan your itinerary.

Just type in the date, departure city and destination city and you will be presented with a variety of options from dozens of airlines. Compare information such as rates, stop numbers, estimated departure and arrival times, etc. You can search for hotel room and / or car rentals just in time for a flight ticket to find bundle deals.

Not all travel booking websites are the same. One thing to consider is the price guarantee. Will your flight be covered by this service? This ensures that you have achieved the cheapest possible. Security and privacy are also important. Book your flight and other parts of your trip through a site that uses SSL to protect your personal information.

When you buy a plane ticket online, you can access your itinerary whenever you want – just login to the site of your choice on your PC or mobile device. You can also get trip updates in real-time. The booking service you choose has a fair and reasonable cancellation policy and it will work with you to ensure that the airline cancels your flight itself so that you can still arrive at your destination as quickly as possible.

If you are not familiar with the area you are about to visit, look at a map to get an idea of ​​where airports, hotels and car rental companies are located. There is more potential for conservation if there are multiple airports in the region.

When to postpone your plan to buy a plane ticket online

Waiting for a last minute deal is usually a bad idea if you don’t like your destination or travel dates. If you already have your heart set on a specific destination during a specified period of time, you are advised to buy a flight ticket online in advance.

There are many factors that affect airline ticket prices, some of which may surprise you: distance between airports, oil prices, time, airport capacity and more. Airfare prices can go up or down several times until the last minute. When you buy a plane ticket online, look for coupons or promotional codes that will help lower the price. It is a good idea to use the travel discount site to compare rates and get special offers.

You will definitely want to consider booking your next vacation online. Some companies offer great customer service and the lowest price guarantee when you buy airline tickets online. Don’t forget to look for discounts online on hotel, car rental and vacation packages while you are there.

Travel Merchant Accounts – Your round trip ticket for further sales

The success of your business in the e-commerce world will depend on the credit card processing services that your customers receive. In the rapidly changing world of business it is becoming increasingly revolutionary that you can now pay for your dinner online and with your credit card. Within minutes, your dinner is served, you enjoy hot meals and you never leave your couch. Absolute happiness.

Now, as an online trader you must be able to take care of your customers with a lot of high quality and security. When it comes to online travel agencies, you soon learn that there are only a handful of merchant account providers for this high risk business.

Online travel agencies today need a way to process online payments more than anything else because travel agencies are considered by many experts to be high risk commercial ventures.

As a business in the travel industry, it is quite difficult to find a merchant account. Receiving potentially high charges has made it difficult and complicated to accept credit cards due to long-term bookings. When you think about internet payment processing that fits your needs, it is very important to have information and understand the types of merchant services. Each company has its own specifications of requirements and they usually present different methods for accepting credit cards.

Choosing the right type of merchant service account helps increase business sales. As a part of the online business world, the success of your online travel business will largely depend on the payment processing service that will be provided to your customers, be it a high risk merchant or travel business

Travel merchant account providers use a number of tools for online credit processing services to offer merchant account holders the benefits of high-risk credit card processing that will help make it easier for customers to accept credit card payments. This will increase sales and profits. A thorough research is the ultimate key to choosing the most reliable credit card processing. It keeps things smooth and of course helps your customers grow.

Cheap airline tickets – a great way to save money

In addition to finding budget accommodation to stay in, you can save money by buying cheap airline tickets. When your money is tight, you can choose to reduce your travel expenses. If you are interested in cutting down on your travel expenses, here are some simple tips to save you money while traveling to different places for leisure and business.

It is very interesting to know that very few people on the same flight carry the same price for their air travel. This is because some passengers buy their plane tickets at the same price and others look for discounted flights for cheaper flights. Many times the cost of travel reaches high and becomes unavoidable but it can be reduced following wise planning and pre-planned budget.

Shopping for cheap flight tickets is a completely different experience. There are many differences in the price of tickets for international flights and domestic airline operators. These all depend on the market conditions of the flight destinations. There are many websites that offer cheap flight airfare and discounted deals from various airline operators. You can find great deals through the online airfare booking websites of popular travel agencies like Expedia.com, Travelsoti.com, Orbitz.com and Lastminit.com. On these websites, you will find links to air tickets that are not only cheaper, but also more time-saving.

One of the best tips for packing a cheap discount airline travel ticket to your destination is to be flexible with your travel dates. This is very possible for leisure travelers who can easily change their travel dates. Buy your tickets in advance, stay upstairs on Saturday nights and fly to Midweek and Off-Hour. Another way to reduce your travel expenses is to avoid extra luggage fees. Previously, there were no luggage fees for air travel. Once free, most carriers now charge for the luggage you carry on your trip. If a travel budget traveler wants to cut his travel expenses he can easily do so by avoiding the charge fee for bringing extra luggage on the flight.

Things to keep in mind when booking your cheap air ticket:

– Always remember that promotional airports and discounts are often not refundable. This means that once you buy the contract, you cannot cancel it.

– In most cases, if you decide to cancel your trip, your money is gone.

– Check the airline price list before booking online.

– Airlines offer a limited number of seats for promotional fares.

– Most of the time, air ticket discounts and special offers are announced on Tuesdays or Wednesdays.

Cheap travel airfare is often great and essential. Try to turn your bargaining air ticket into a booster for your travel budget. Reduce your extra expenses and stick to your budget with affordable tickets through bargain deals and discount coupons.

Book your flights online to get cheap airline tickets

There are many ways to get a cheap airline ticket but some ways are much easier and more beneficial than others. One of these methods is online booking of cheap flight tickets. Although the cost of the ticket depends on your travel time and the city you are going to. Book your tickets online to check cheap flights, best deals, discounts and cheap airfares at domestic and international airlines and get some really cheap travel airfares.
trivago flights
We all love to travel by air because it offers us a comfortable, stylish and time-saving option. All airlines want to feed passengers, make them feel special. To simplify the process of booking air travel for their customers, airlines have launched online airfare booking services. This is possible through the websites of these national airlines or through trusted travel agents who own websites designed specifically to facilitate ticket booking for passengers. They take care of the needs and comfort of the customers. These websites help you decide which flight to take. Remember all the necessary permissions and combinations to make a decision so that you save money by making last minute cheap plane tickets cheaper.

Consult a reputable travel agency to get the best air ticket deals. They will help you answer your questions about your flight choices. This will not only help you to get discounted airfare, but also save you time. Travel agencies are known for their in-house knowledge of the aviation industry. They can get cheap discount airline travel tickets for you. In addition, they can help you get your tickets well before or at the last minute of your trip.

One of the major benefits of online booking is that you can always keep yourself updated with the latest flight information. You can check the status, delay or cancellation of the flight from the comfort of your home. This is more convenient than calling airlines to book tickets. Here are some quick tips to help you get the most out of your online ticket booking experience. For example, don’t book your tickets too soon. If you book tickets a few months in advance, you can probably end up with a higher price than usual. This is because airlines usually change their fares. Be flexible and consider changing your flight times if possible. Many airline websites offer ‘anytime option’ for your preferred flight times. This brings cheap flights at less popular times of the day. Last but not least, compare the price of your trip on different websites over time and then decide the best deal according to your needs.