General Retirement System Of The City Of Detroit Recommends A Yes Vote For The Plan Of Adjustment

PR Newswire

DETROIT, June 11, 2014 /PRNewswire/ -- The General Retirement System of the City of Detroit passed a resolution today recommending acceptance of the City's Fourth Amended Plan of Adjustment, (the POA). The Board of Trustees believes that the proposed POA represents the best interests of GRS members, retirees and beneficiaries and further represents the best and most prudent option for maximizing the preservation of retirement benefits.

The GRS Board took action for favorable support of the POA after careful review and consideration of reports and recommendations from its Restructuring/Bankruptcy Team of attorneys and financial advisors.

A letter from the Board will be mailed early next week to all members, retirees and beneficiaries recommending a favorable vote for the plan along with the rationale for their decision.

The GRS Resolution states:

RESOLVED, that the Board of Trustees of the General Retirement System of the City of Detroit (the "Retirement System") acknowledges receipt of the reports and recommendations from its Restructuring/Bankruptcy Team of attorneys and financial advisors (i.e., General Counsel, Special Restructuring and Bankruptcy Counsel, Special Appellate and Constitutional Legal Counsel, and Financial Advisors); and

FURTHER RESOLVED, that the Board of Trustees hereby states and affirms that the Board believes that the City's Fourth Amended Plan of Adjustment (the "POA") represents the best interests of Retirement System members and beneficiaries and further represents the best and most prudent option for maximizing the preservation of retirement benefits for the plan members and beneficiaries; and

FURTHER RESOLVED,  that the Board of Trustees accordingly recommend and urge the members and beneficiaries of the Retirement System, as holders of pension claims in Class 11 under the POA, to vote in favor of the POA; and

FURTHER RESOLVED,  that a letter of support for the POA from the Retirement System be mailed to all Retirement System members, retirees and beneficiaries.

The POA allows for people who have already voted and want to change their vote an get a new ballot by contacting the Balloting Agent by calling toll-free 877-298-6236, or for international callers at +1- 310-751-2658 .

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