Staff
Detroit has proposed freezing the city’s two employee pension plans at the end of the year.
Members of the General Retirement System and the Police and Fire Retirement System would move to a DC plan under the proposal.
The city would contribute 10% of base pay for police officers and firefighters to the plan because they’re not eligible for Social Security. Non-uniformed workers would receive 5% of base pay.
The two pension plans have a combined deficit of about US$3.5 billion.
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