Statement regarding Judge Rhodes Confirmation of the Plan of Adjustment from the General Retirement System of The City of Detroit

DETROIT, Nov. 7, 2014 /PRNewswire/ -- "The General Retirement System's Board of Trustees are relieved that this turbulent period in Detroit's history and in our pensioners lives has come to conclusion with Judge Rhodes ruling to confirm the Eighth Amended Plan of Adjustment in the City of Detroit bankruptcy.     

For the past eighteen months our retirees, members and beneficiaries have undergone an agonizing journey filled with anxiety and uncertainty for their future. The financial security they had earned and counted on for their retirement was under attack.

Our retirees made the most difficult decision to support this plan. It was done with personal sacrifice accompanied by great disappointment in a legal system in which they believed their pensions were protected by the Michigan Constitution. 

However, we accept the process that has brought us to where we are today and recognize the unusual opportunity for the City of Detroit to begin anew with a clean slate and on a stable and healthy financial path.

For the last three years the GRS has undergone a complete restructuring process, rewriting our policies and procedures to help ensure the decisions we make will provide success in the future.  Our Board of Trustees is committed to being open, transparent and accountable in all decision making. In fact for the past two years we have surpassed a 12.7 percent annual rate of return on our investments.

We are looking forward to working closely with the newly created Investment Committee as we embark upon this new chapter of progress for GRS. 

We are more than ready to join with the City to begin the healing process."

SOURCE General Retirement System of The City of Detroit