Statement of the Police and Fire Retirement System City of Detroit Board of Trustees

DETROIT, Dec. 8, 2014 /PRNewswire/ -- The Police and Fire Retirement System of the City of Detroit has cooperated fully with the federal investigation of allegations of public corruption related to investments of the fund under a previous administration. The Board has always supported the full prosecution of any alleged wrongdoers who are proven to have illegally used their position or influence to the detriment of the pension fund or its beneficiaries.

We are confident that the convictions of these three men for breaching their fiduciary duties to pensioners will bring the corruption scandals of nearly a decade ago to a close. We have no further comment on the criminal proceedings.

The Trustees and management of the fund are committed to moving forward to serve pensioners with accountability, transparency and integrity in the management of the pension system. It is time to focus our time and energies in maximizing returns for pensioners and assisting our members as they navigate the changes resulting from the City of Detroit Bankruptcy Settlements.

It is the policy of the PFRS to pay legal fees for Board officials who are subject to litigation as part of their official duties. That same policy includes terminating payment of legal expenses for current or past Board officials when a criminal indictment has been issued. Whether the Board would seek any reimbursement of previously paid legal funds for any person is a matter, along with others, that will be addressed by the Board.

The Board is currently comprised of 15-seated members: three elected active duty police members; three elected active duty fire members; six ex-officio members appointed by Mayor Michael Duggan; one ex-officio member appointed by City Council; and, two retiree members, one each from police and fire. The pension fund is 88.9 percent funded, has a market value of approximately $3.1 billion and serves some 12,000 active and retired first responders and their families.

Editor's note: The statement may be attributed to Bruce Babiarz, spokesperson for the PFRS Board of Trustees.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/statement-of-the-police-and-fire-retirement-system-city-of-detroit-board-of-trustees-300006312.html

SOURCE Police and Fire Retirement System of the City of Detroit