Income Stabilization Fund Program

Income Stabilization Fund

If you timely filed an application for the Income Stabilization Fund (“ISF”) program and were determined as an Eligible Pensioner by the Michigan Department of Treasury, your March 1, 2015 pension benefit may include restoration of all, or a portion of, the 4.5% Benefit Reduction and/or COLA reduction. Eligibility was based upon total household income equal to, or less than, 140% of the Federal Poverty Line in 2013.

The Treasury Department calculated the amount of benefit you will receive, if any, under the State Contribution Agreement, as an Income Stabilization Benefit amount or an Income Stabilization “Benefit Plus” amount. An Income Stabilization Supplemental benefit, not greater than your 4.5% Benefit Reduction, is paid however, only if your 2013 total household income (based upon household size) is below 130% of the 2013 Federal Poverty Level.

An Income Stabilization Benefit Plus is paid, or may be paid at some time in the future, if your 2013 household income indexed for inflation is less than 105% of the Federal Poverty Level in the applicable year. The Benefit Plus may restore the cumulative COLAs and 4.5% Benefit Reductions as a result of the City’s bankruptcy.

What you need to know about the Plan of Adjustment and how it affects you:

The latest information from the RSCD December 17th Informational Meetings on the POA and ISF program.


Current News That May Interest You:

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Nov

03

Active Employees married to a City of Detroit Retiree are now eligible to enroll their spouse for health care coverage effective January 1, 2017

Please visit the online system www.mydetroitbenefits.com to enroll your retired spouse. Eligibility Documentation is required. You may also call toll-free (855) 224 6200 to compl...

Read More »

Mar

16

Last call for retirees to collect health funds

Time is running out for thousands of city retirees who are eligible to recoup millions in out-of-pocket costs for medical co-pays and prescriptions they paid for last year.

Read More »

Important Retirement System News You Need To Know Learn More ›

A Message from GRSD Chairman Tom Sheehan Read Letter ›


 

Career Opportunity Opening: Chief Accounting Officer - Controller

The 2016 Annual Report is now available

. Click here to view report