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Council approves option for affected retirees to pay off ASF clawback without interest
Summary
The Detroit City Council approved reopening a window allowing retirees and beneficiaries subject to the Annuitant Savings Fund clawback to pay off remaining principal without interest in a lump sum.
The Detroit City Council approved a resolution to permit retirees and vested employees affected by the Annuitant Savings Fund (ASF) clawback to repay remaining principal in a lump sum without interest.
John Nagelitt, speaking for the administration and retirement-system advisers, told the council that during Detroit’s bankruptcy the plan required recovery of what the court deemed “excess payments” totaling about $190 million. He said a portion of that amount remains scheduled for recovery through lifetime deductions from retirees’ pension checks and that approximately $75…
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