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The agreement gives the city 30 years instead of 20 to catch up on payments that were deferred during Detroit's bankruptcy 10 years ago. The retirement system investment committee and board had ...
A former employee of the Retirement Systems of the City of Detroit is the target of a Michigan State Police probe into theft involving prepaid cards. File: Spirit of Detroit on Sunday, Aug. 21, 2022.
By KATE ROGERS Detroit made history Thursday as the largest American city in history to ever file for Chapter 9 bankruptcy protection. The once vibrant city rooted in auto manufacturing and music ...
Details from the Detroit bankruptcy filing. The city of Detroit, Michigan, filed for Chapter 9 bankruptcy on July 18, 2013. It is the largest municipal bankruptcy filing in U.S. history by debt, estimated at $18–20 billion, exceeding Jefferson County, Alabama's $4-billion filing in 2011. [1]
William L. Hart (January 17, 1924 – November 22, 2003) [1] was a Detroit Police Chief for almost 15 years, [2] a position for which he was hired by Coleman Young, the mayor of the Detroit, in 1976; [2] Hart was a political ally and adviser of Young's. [3]
Finally, Hendershot appealed to Congress, which by a special act on 23 December 1924 granted him an old age pension of $50 per month. [3] But Hendershot felt he was entitled to an invalid's pension of $72 per month. Another fight with the Pension Bureau ensued, but Hendershot died of pneumonia on 26 December 1925, without ever winning the pension.
A struggling union pension fund for more than 22,500 metro Detroit carpenters and millwrights is getting a $635 million federal bailout, saving retirees from big cuts to their pension checks next ...
In 1986 a state court appointed a receiver, Louis Schimmel, for the city of Ecorse which had a $6 million deficit. The court appointed receivership lasted until 1990. [1]The financial emergency status, along with the Emergency Financial Manager (EFM) position, was first created in Public Act 101 of 1988 for the specific emergency in Hamtramck.