Wednesday, December 03, 2014

Help for City of Detroit retirees

As a part of the Detroit Bankruptcy solution, the State of Michigan, the Retirement Systems of the City of Detroit, the Michigan Association of CPAs and the Accounting Aid Society have come together to provide pensioners with supplemental aid. Applications for this program are now being accepted.

The Income Stabilization Benefit Program was created as part of the Detroit bankruptcy resolution. The State of Michigan’s Treasury Department is conducting the application process. Retirees who qualify would receive a supplemental pension benefit to prevent pensioners from falling below the poverty line as a result of the bankruptcy pension cuts.  The Retirement Systems for the City of Detroit, using information provided in the application, will calculate the amount of the benefit, which would vary for each person but could restore most of the benefit cut required by the City’s Plan of Adjustment for those that qualify.

Eligibility for the benefits will be determined by age, income and household size. Applicants must be aged 60 years or older (or under 18 years of age) on the effective date of the Plan of Adjustment, occurring in December of 2014.

Applications will be mailed to retirees, and also will be available for download at the Retirement Systems of the City of Detroit website at www.rscd.org.

Two information sessions regarding the Plan of Adjustment and the Income Stabilization Benefit Program will occur on the same day – Wednesday, December 17. The first will take place from 2 – 4 p.m. at Fellowship Chapel (7707 W. Outer Dr.) in Detroit. The second will be held from 6 – 8 p.m. at Renaissance Unity Church (11200 E. 11 Mile) in Warren.

Dedicated staff will be on hand to help retirees who may qualify fill out applications to the Income Stabilization Benefit program, and to answer questions related to the Plan of Adjustment.
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