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City deputy CFO: retirement plans meet state thresholds; $10M retiree supplement still requires full council and court approval
Summary
John Naglak, the city's chief deputy CFO, told the committee the city’s retirement plans do not trigger corrective actions under Michigan Public Act 202; the Internal Operations Committee approved $10 million for a supplemental retiree payment that must now go to full council and the bankruptcy court.
John Naglak, the city’s chief deputy CFO and controller, presented the required local government retirement‑system annual report and told committee members the city does not meet any of the state’s reporting “triggers” under Public Act 202 that would require corrective actions.
Naglak said the city has four pension plans: two legacy plans that required recent catch‑up funding after a 10‑year pause and…
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