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In 1898 Seddon's government passed the Old-age Pensions Act of 1898, the first general pensions scheme in the British Empire.
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Currently, Detroit's largest creditor is the city's general pension scheme, which is owed $2bn.
Neither the general pension scheme for private-sector workers nor the special one for civil servants produces a surplus.
The graphic you sent contains this statement: "In general, pension funds should hold 80 percent of the funds needed for future obligations.
Tina Bassett, a spokeswoman for the general pension trustees, said they opposed the pension freeze and saw it as a sign of bad faith on the part of the emergency manager's legal team.
As of 1999, a new general pension system was introduced, which allowed individuals to invest a portion of their contribution while linking payments to general economic growth and cohort life-expectancy.
United benefited from the provision that allows a handful of airlines and steel makers to stretch out their overdue pension obligations and from the general pension relief granted to a total of 31,000 companies by the bill.
An investment banker now advising Detroit, Charles M. Moore, has said in a court declaration that the trustees of the general pension plan were "effectively robbing" the fund when they diverted its assets.
Currently, airport police are part of the city's general pension system for municipal workers.
Mark Newman, the general director for worldwide pensions at G.M., declined to give details of the pension funds' investment mix, other than to say it had not changed significantly since last August.
From this perspective all the boasts of political reform look less like a blueprint for democracy, and more like the generals' pension plan.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com