Statement from the Police and Fire Retirement System:

February 23, 2016

 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.



Hybrid Pension Option Letter

(only available to members who retired between July 1, 2014 and March 1, 2016)

 

 


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