|Document details nearly $1 billion in Detroit pension payouts||| Print ||
|Written by Associated Press|
|Wednesday, 02 October 2013 06:48|
DETROIT (AP) — A court filing has revealed details of nearly $1 billion in payouts known as the 13th check from a Detroit retirement system.
The Detroit Free Press reports (http://on.freep.com/1bu6SuH ) the General Retirement System board acknowledged in an affidavit that it gave $756.2 million 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.
The affidavit surfaced Tuesday in a filing by attorneys seeking to block a labor union's attempt to bring back the pension board's right to distribute such payouts, which City Council banned in 2011. The issue has become a part of Detroit's bankruptcy case.
Last week, Detroit emergency manager Kevyn Orr ordered pension fund officials to turn over records on the 13th check.
Information from: Detroit Free Press, http://www.freep.com
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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