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Pontiac council advances court‑approved retiree settlement with ordinance first readings and VEBA amendment
Summary
After a federal judge approved a second amendment to a retirees settlement, Pontiac council authorized first readings of three pension‑ordinance amendments and adopted an amendment to the VEBA health‑care trust. City attorneys said retroactive supplemental payments will be actuarially adjusted and checks will be issued after the second readings are completed in early January.
Pontiac council on Dec. 16 moved forward with changes required by a federal court settlement that modifies pension and retiree health‑care benefits for city retirees. Attorney John Clark, who has represented the city in the case since 2011, told the council a judge’s approval allowed the city to proceed with ordinance amendments and a VEBA trust amendment that together restore supplemental payments and expand retiree health care in some cases.
The council authorized first readings of three ordinances to amend Chapter 92 — altering the General Employees Retirement System (GURS) and the reestablished REGURS — and…
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