Featured Jobs
|
DWC - The 401(k) Experts
|
|
MAP Retirement
|
|
DWC - The 401(k) Experts
|
|
Defined Contribution Account Manager Nova 401(k) Associates
|
|
Retirement Plan Onboarding Specialist Compass
|
|
Relationship Manager - Defined Contributions Daybright Financial
|
|
PPS Pension Services
|
Free Newsletters
“BenefitsLink continues to be the most valuable resource we have at the firm.”
-- An attorney subscriber
|
|
|
|
2339 Matching News Items |
| 1. |
Reuters
Nov. 4, 2013 "Kevyn Orr, Detroit's state-appointed emergency manager, testified ... that he did not mean to mislead city retirees when he said during a June 10 public meeting that pension rights were 'sacrosanct' under Michigan's constitution.... 'I was trying to say we understood these issues around pensions,' Orr said. 'What would you say to that retiree now about his rights?' asked U.S. Bankruptcy Judge Steven Rhodes, who is overseeing the case. 'I would say that his rights are in bankruptcy now,' Orr said." MORE >> |
| 2. |
Detroit Free Press
July 21, 2013
"[Detroit emergency manager Kevin] Orr provided retirees some temporary relief Friday, telling the Free Press that pension and health care benefits are safe for at least the next six months.... Orr has not yet specified the cuts to pensions he will seek through the bankruptcy process. He has proposed freezing pensions and moving workers to a 401(k)-style plan to help alleviate the pension systems' unfunded liabilities of $3.5 billion. He also wants to move retirees to Medicare or health care exchanges being set up through the Affordable Care Act."
|
| 3. |
Detroit Free Press
Apr. 10, 2013
"The businessman, Donald Watkins, had claimed that some pension trustees shook him down for donations to [ex-Detroit Mayor Kwame Kilpatrick's] legal defense fund, free flights on his jet and campaign contributions, but that he refused to participate. But the pension funds -- one for the police and fire departments, another for general city workers -- claimed that Watkins did them wrong and cost them millions."
|
| 4. |
Detroit Free Press
Oct. 4, 2016 "A federal appeals court on Monday rejected a challenge to cuts in Detroit pensions, saying a plan that helped bring the city out of the largest municipal bankruptcy in U.S. history must not be disturbed.... Some retirees sued, saying they deserve the pension that was promised before Detroit filed for bankruptcy in 2013. Thousands saw their pension cut by 4.5%; annual cost-of-living increases were eliminated." MORE >> |
| 5. |
Detroit Free Press
Sept. 30, 2015 "Ex-Detroit pension trustee Paul Stewart is going to prison for nearly five years for his role in a bribery and kickback scheme that cost city pensioners and police officers $47 million in losses while the businessmen he catered to made off with $5.2 million. Stewart... [told] the judge that he never meant to hurt the pensioners, police or the City of Detroit, where he once worked as a police officer for 33 years. He started his brief speech by first apologizing to the 13,000 pensioners, employees and beneficiaries, then his family and the city of Detroit." MORE >> |
| 6. |
Detroit Free Press
Nov. 6, 2013
"Despite a bitter dispute over whether Detroit emergency manager Kevyn Orr can reduce pensions, [former Michigan treasurer Andy] Dillon testified during Detroit's bankruptcy trial that the city's nearly $6 billion unfunded retiree health care liability was more concerning.... The city agreed to delay cuts to retiree health care insurance for those not covered by Medicare until the end of January, a month later than they were to take effect ... because of the problems with the [ACA] website and confusion about the insurance changes."
|
| 7. |
Detroit Free Press
June 26, 2023 "U.S. Bankruptcy Judge Thomas J. Tucker granted the city's motion and entered an order requiring the Police and Fire Retirement System to amortize the unfunded actuarial accrued liability that exists as of June 30 over 30 years....In addition, the bankruptcy judge enjoined the Police and Fire Retirement System from further attempts to shorten the amortization period." [In re City of Detroit, Michigan, No. 13-53846 (Bankr. E.D. Mich. Jun. 26, 2023)] |
| 8. |
Detroit Free Press
June 24, 2014
"Under the new 'hybrid' plan, members of the Police and Fire Retirement System [PFRS] will contribute 6% of their weekly pre-tax base pay toward their pension and civilian workers who belong to the General Retirement System will contribute 4%. PFRS members hired after June 30 will contribute 8%. The city will match employees' contributions and pay into the pension funds."
|
| 9. |
Detroit Free Press
Oct. 6, 2013
"Detroit's controversial 13th check got new life [on October 4] when an administrative law judge ruled that one of the city's two pension funds must be given the right to make retroactive bonus payments to retirees and active employees for 2011 and 2012. The recommended order ... is largely symbolic for now because U.S. Bankruptcy Judge Steven Rhodes may still block the payments.... [Judge Doyle] O'Connor acknowledged that his opinion might not mean much, saying it 'may well offer little more solace than an assurance of a full ticket-price refund offered while still on the sharply tilting deck of the Titanic.'"
|
| 10. |
Detroit Free Press
Oct. 2, 2013
"The city's General Retirement System board -- which is controlled by an independent board that is challenging Detroit's eligibility to file for Chapter 9 bankruptcy--- acknowledged in an affidavit that it gave out $756.2 million in excess earnings to active employees from 1985 through 2007. It gave $195 million to retirees during that same time period and sent $445.3 million back to the city."
|
| 11. |
Detroit Free Press
Sept. 13, 2013
"One billion dollars. That's how much, over 23 years, one of Detroit's pension funds paid in bonuses to retirees.... [W]ithout question, the bonuses paint a clear picture of the reckless management that led the general pension fund (which covers employees other than cops and firefighters) to this precarious situation, and have increased the burden on city taxpayers, who must make up for the fund's screw-ups."
|
| 12. |
Detroit Free Press
Sept. 8, 2013
"One of Detroit's two pension funds handed out nearly $1 billion in bonus cash payments over two decades to retirees and active employees' retirement accounts instead of reinvesting the extra earnings for the future ... The payments, often referred to as a '13th check,' ... [increased] the amount the city needed to contribute each year to keep the pension fund solvent."
|
| 13. |
Detroit Free Press
Aug. 13, 2013
"George Stanton, the former chief of staff to ex-Detroit City Councilwoman Alberta Tinsley-Talabi, admitted in U.S. District Court that he accepted the bribes as a reward for supporting a proposed investment by businessman Roy Dixon, who is also facing charges. Stanton said he helped push Dixon's investment proposal before the Police and Fire Retirement System. Stanton faces up to 10 years in prison."
|
| 14. |
Detroit Free Press
Aug. 3, 2013
"Kevyn Orr, the city's emergency manager, has estimated the underfunding of the city's two pension funds at $3.5 billion. The pension fund managers disagree, saying the funds are more than 90% funded, meaning that there are adequate resources to pay almost all future liabilities. The Bond Buyer reported Friday that Morningstar, a major investment adviser, found that the actuarial assumptions made by the two pension funds to come up with their more optimistic assessment were in line with industry practice."
|
| 15. |
Detroit Free Press
July 21, 2013
"The number of retirees drawing benefits from the fund continues to increase, hastened by layoffs or workers retiring ahead of feared pension changes, so the number of workers paying into the fund continues to shrink. Meanwhile, the city's annual contribution to the funds keeps getting bigger. And because the city's revenues have fallen so dramatically, that means the city's growing pension contributions are consuming a greater and greater percentage of the city's cash -- or they would, if the city were even able to make the payments."
|
| 16. |
Detroit Free Press
July 17, 2013
"Detroit's two pension funds on Wednesday sued Emergency Manager Kevyn Orr and Gov. Rick Snyder in an attempt to block Orr from slashing pension benefits for thousands of current and active city workers as part of his plan to restructure the city's massive debt. The lawsuit asks the Ingham County Circuit Court to declare that Snyder cannot authorize Orr to take any actions -- including filing for municipal bankruptcy -- that would cut pension benefits, which the lawsuit says are protected by the state Constitution."
|
| 17. |
Detroit Free Press
May 19, 2013
"Four trustees of Detroit's two public pension funds are heading to the Hilton Hawaiian Village Waikiki Beach Resort in Honolulu. The taxpayer-backed pension funds are covering their $22,000 travel tab at a time when the funds are facing claims of mismanagement and said to be at least $600 million underfunded."
|
| 18. |
Detroit Free Press
Mar. 22, 2013
"For 30 years, attorney Ronald Zajac watched over Detroit's billion-dollar pension funds.... According to the 13-count superseding indictment, Stewart accepted thousands of dollars in cash, trips, entertainment and other items of value from people seeking investments from the Police and Fire Retirement System."
|
| 19. |
Detroit Free Press
Dec. 23, 2011
[The mayor's plan to improve the situation] includes structural reforms in health care and pensions, work rule changes and wage reductions.
|
| 20. |
Pensions & Investments
Oct. 16, 2013 "U.S. Bankruptcy Judge Steven Rhodes pressed lawyers ... to explain why Michigan municipal pension commitments can never be revised ... [and] challenged unions and a city pension system on their claims that the state constitution bars any cuts to municipal retiree payments, in or out of bankruptcy.... 'Is there any other constitutional right, state or federal that is that absolute?' Mr. Rhodes asked an attorney for a pension system that opposes the bankruptcy. 'Even freedom of the press isn't that absolute, is it?'" MORE >> |
| Next » |
|
Here's Help About the Advanced Features That Apply Whenever "All Words" Is Selected in the Search Form
|