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Detroit Bankruptcy Judge: Pension Ruling Was “Not Particularly Difficult” Decision

U.S. Bankruptcy Judge Steven Rhodes – the judge that authorized Detroit’s pension cuts as part of its bankruptcy plan – said this week that, from a legal standpoint, the decision to let the city cut pensions was “not particularly difficult”. But from a personal standpoint the cuts were more difficult, according to Rhodes. Here’s what Rhodes ...
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Detroit Pension Fund Fires Top Lawyer

Detroit’s Police and Fire pension fund fired its general counsel, Joseph Turner, on Thursday. Reports had surfaced weeks ago that trustees were uncomfortable with having Turner on staff because he was with the fund when it was embroiled in corruption scandals. Trustees reportedly wanted a clean break from the pension fund’s past mismanagement. From ...
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Michigan’s $195 Million Payment to Detroit Pension Systems Approved

A board on Monday approved a $195 million payment that Michigan will make to Detroit’s pension system as part of the city’s plan to avoid steeper benefit cuts. From the Lansing State Journal: Detroit’s two pension funds are expected to receive the state’s “grand bargain” bankruptcy contribution of $194.8 million on Feb. 9 after a state ...
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Detroit Pension Chair Calls for Firing of Lawyer Employed During Bribery Scandal

The Chairman of the Detroit Police & Fire pension fund is calling for the termination of the fund’s general counsel. That’s because the lawyer was employed at the fund during the bribery and pay-to-play scandal that cost the fund millions. The general counsel, Joseph Turner, was not charged with any crimes. But the trustees have said publicly ...
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Two Former Detroit Pension Officials Found Guilty of Fraud

Three former Detroit officials – including two who worked for the city’s pension systems – were convicted Monday of conspiracy to commit fraud. The men accepted bribes and other kickbacks in exchange for directing pension money to certain investments. From the Wall Street Journal: A former treasurer for the city of Detroit — along with two ...
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Detroit Pension Funds’ Legal Fees to Be Reviewed

U.S. Bankruptcy Judge Steven Rhodes said Wednesday that there will be a review of the legal fees incurred by Detroit’s pension funds – the Police and Fire Retirement System and General Retirement System – during bankruptcy proceedings. More details from Detroit News: U.S. Bankruptcy Judge Steven Rhodes ruled Wednesday that the Police and Fire ...
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Group of Retirees To Appeal Detroit’s Pension Cuts

The judge overseeing Detroit’s bankruptcy, Judge Steven Rhodes, said this month there was a 25 percent chance his ruling allowing pension cuts could be overturned if appealed. That was enough to give a small group of retirees hope. The group, consisting of 133 working and retired city employees, is appealing the city’s pension cuts and asked Rhodes ...
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Detroit’s Pension Problems Not Over Yet – As Costs Remain High, City’s Payments Remain Small

Judge Steven Rhodes approved Detroit’s bankruptcy plan last week. But he used the moment to re-iterate that Detroit isn’t out of the water yet. One thing in particular worries Judge Rhodes, who said his “greatest concern…arises from the risks that the city retains relating to pension funding.” Retirees have accepted benefit cuts, but pension ...
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Detroit Pensioners Sue Actuarial Consulting Firm Over Allegedly Faulty Assumptions

Lawsuits are rolling in against Gabriel Roeder Smith & Company, an actuarial consulting firm enlisted by pension funds across the country for advice on return assumptions and other calculations. The firm has worked with Detroit’s pension funds for decades. Now, pensioners from several of Detroit’s public pension systems are suing the firm for ...
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Detroit Announces Trustees For New Pension Investment Committees

One of the final pieces of Detroit’s bankruptcy plan is setting up committees responsible for reviewing investments made by the city’s two major pension funds: the Police and Fire Retirement System and the General Retirement System. Detroit announced this week the trustees that will sit on those committees. From the Detroit Free Press: The appointees ...
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