We applaud Mayor Duggan for addressing the issue of the projected pension system funding shortfall. We also appreciate his renewed commitment to fully funding Pensions for all Detroit retirees. There was a rush to enter into bankruptcy and an equal push to exit bankruptcy without a full analysis of all the actuarial data. The long-time actuaries for the pension system warned about shortfalls during the bankruptcy based on the actuarial tables used by the Emergency Manager's team, the change in the assumed rate of returns and the shift to a market-based return from an actuarial based return as is commonly used by virtually every other public pension system in the country. We applaud the Mayor and the City Administration for addressing this issue early so it can be managed to avoid the projected shortfall in 2024.
(only available to members who retired between July 1, 2014 and March 1, 2016)
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DETROIT – First responders and their families may have unused funds in a health services reimbursement account that must be used by March 31, 2016 before it expires.
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DJC reporters chronicled the city’s recovery from bankruptcy. Where are we now?
Learn more about the Police & Fire Retirement System for the City of Detroit by attending a meeting, viewing past minutes, or meeting the PFRS board members.
One Detroit Center
500 Woodward Ave., Suite 3000
Detroit, Michigan 48226
(800) 339-8344 / (313) 224-3362
Fax (313) 224-3522
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