Statement on Behalf of the Police and Fire Retirement System of the City of Detroit
DETROIT, May 19, 2011 /PRNewswire/ -- Today the Police and Fire Retirement System of the City of Detroit reviewed its actuarial assumptions regarding the actuarial valuation as of June 30, 2010. Such review is routinely considered by the Board of Trustees with an awareness of current economic conditions.
The Board of Trustees of the Police and Fire Retirement System of the City of Detroit, after consultation with its actuary (Gabriel Roeder Smith & Company), voted to (i) increase its assumed actuarial rate to 8%, (ii) change its smoothing period to seven years from its current three-year period, and (iii) adopt a 30-year amortization period. The Board of Trustees of the Police and Fire Retirement System notes that the employer sponsor of the Retirement System is likely to be pleased with the result of the above action, being the reduction of the employer contribution to the fund of approximately $47.7 million for the 2011-2012 fiscal year.
Today's action is within actuarial standards and does not jeopardize the stability of the fund.
James Moore, Chairman
Police and Fire Retirement System of the City of Detroit
SOURCE Police and Fire Retirement System of the City of Detroit
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