Document details nearly $1 billion in Detroit pension payouts PDF  | Print |  E-mail
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.

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Information from: Detroit Free Press, http://www.freep.com


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