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Pontiac retirement board, council and mayor disagree on scope and cost of $400 monthly supplement
Summary
City retirement trustees and the Pontiac City Council discussed whether a previously negotiated $400 monthly supplement for retirees could be paid without risking the pension system; actuarial figures and competing interpretations of the settlement agreement were central to the debate.
Sheldon Albritton, chair of the General Employees Retirement System (GERS), told the Pontiac City Council on Feb. 18 that the board’s primary duty is to keep the pension fund solvent and that GERS is not at the negotiating table over a promised $400 monthly supplemental benefit.
That distinction set the tone for a 90-minute briefing and discussion in which trustees, the board’s actuary and council members reviewed earlier settlement terms, current fund balances and the estimated cost of paying $400 per month to all plan recipients.
The GERS chair, Sheldon Albritton, said the retirement system “manage[s] and oversee[s] the allocation and the money for the retirees. The city and CPIR are the ones that’s in negotiation about the $400.” He told the…
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