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Pontiac retirement system says settlement ready pending Dec. 9 fairness hearing; payment timing unclear
Summary
Pontiac’s reestablished General Employees Retirement System told the City Council it is prepared to implement an enhanced benefit in a settlement but cannot start payments until a court hearing Dec. 9 and the judge’s final approval; trustees asked the city attorney to confirm ordinance language with GERS counsel.
The city’s General Employees Retirement System told the Pontiac City Council on Nov. 25 that it is prepared to implement an enhanced pension benefit once a federal court gives final approval to a settlement.
GERS’ executive director said the timing depends on the court, which is scheduled to hold a fairness hearing at 2 p.m. Dec. 9 in Room 767 of the Theodore Levin U.S. Courthouse in Detroit to consider objections and determine whether the settlement is “fair, reasonable, and in the best interest of the class members.” She said the settlement requires assets be transferred 15…
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