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 reflect one of the final steps in reshaping how Detroit’s retiree health insurance benefits are delivered and how two independently controlled pension funds are operated.
The new governance structure for the pension funds and the reduced health benefits for retirees were part of a negotiated settlement to Detroit’s historic Chapter 9 bankruptcy.
Judge Steven Rhodes will rule in the first week of November on whether the city’s plan of adjustment is fair and feasible.
Here are the new appointees, according to a draft version of the city’s eighth amended plan of adjustment, which was filed with the Bankruptcy Court early this morning:
The initial independent members of the committees are:
– Police and Fire Retirement System investment committee: Mark Diaz, Sean Neary, Louis Sinagra, Mike Simon, Woodrow S. Tyler, McCullough Williams III, Robert C. Smith, Joseph Bogdahn and Rebecca Sorenson.
– General Retirement System investment committee: Kerrie VandenBosch, Doris Ewing, Robert Rietz, David Sowerby, Thomas Sheehan, June Nickleberry and Ken Whipple.
As of fiscal year 2012-13, the General Retirement System managed over $2 billion in assets and the Police and Fire Retirement System managed $3.4 billion in assets.