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Detroit’s Police and Fire Retirement System and the city of Detroit agreed that the city will catch up on deferred payments over 30 years, not 20. ... Detroit Fire Department firefighter Jeffrey ...
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 ...
Pension benefits are primarily designed to favor workers who work a full career (typically at least 25 years of service), which account for approximately 24% of state-level public workers. In a study of 335 statewide retirement plans, Equable Institute found that 74.1% of pension plans in the US served this group of workers well.
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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]
The net assets of the State Police Retirement System, valued at $1.5 billion as of September 30, 2017, are invested by the Michigan Department of Treasury, Bureau of Investments. In fiscal year 2017, the system paid retirement pensions totaling $130.2 million. [18]
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.
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 ...