Plan of Adjustment Information
This information is intended to provide an explanation of the benefit adjustments that were made to your March 1st retirement benefit. The General Retirement System of the City of Detroit implemented the benefit adjustments required pursuant to the City’s Confirmed Plan of Adjustment (the “POA”) that was effective December 10, 2014.
These adjustments are required in accordance with the November 12, 2014 Confirmation Order entered in the U.S. Bankruptcy Court.
The PFRS website is regularly updated with the latest information and resources regarding the Plan of Adjustment and how it may affect you. Please contact us through the website or at (800) 339-8344/(313) 224-3362 with questions or for information related to your individual benefits.
To view the June 10 informational presentation click here.
Contact RSCD for more information:
One Detroit Center
500 Woodward Ave., Suite 3000,
Detroit, MI 48226
Call or Fax:
Phone: (800) 339-8344 / (313) 224-3362
Fax (313) 224-3522
Bankruptcy Implementation March 1, 2015 Pension Benefit Adjustments
Prior to the City’s bankruptcy, the Retirement Plan provided for an annual cost of living adjustment (“COLA”). This payment was annually applied to the July benefit payment which is paid on the first of August (i.e., benefit payments are paid monthly in arrears on the first of the month for the preceding month).
All COLA benefits for Police and Fire Retirees were reduced by 55 percent effective July 1, 2014.
Accordingly, your March 1, 2015 retirement benefit payment was reduced by the applicable monthly COLA benefit paid since August, 2014.