COMPONENT I
ARTICLE 1. GENERAL PROVISIONS
Sec. 1.1. General Retirement System Established; Adoption of 2014
Combined Plan Document; Amendment and Restatement of 2014
Combined Plan Document
Sec. 1.2. Retirement System Intended to be Tax-Qualified
Sec. 1.3. Compliance With Plan of Adjustment
Sec. 1.4. Board of Trustees
Sec. 1.5. Board of Trustees – Membership; Appointment
Sec. 1.6. Board of Trustees; Retiree Member Election
Sec. 1.7. Board of Trustees; Oath; Term; Vacancies
Sec. 1.8. Board of Trustees; Officers and Employees
Sec. 1.9. Board of Trustees; Meetings; Rules of Procedure; Votes; Quorum
Sec. 1.10. Board of Trustees; Compensation; Expenses
Sec. 1.11. Rules for Administration of Funds
Sec. 1.12. Board of Trustees; Certain Data to be Kept
Sec. 1.13. Board of Trustees; Annual Audit Report
Sec. 1.14. Board of Trustees; Legal Advisors
Sec. 1.15. Designation of Actuary; Authority to Engage Additional Actuaries
Sec. 1.16. Board of Trustees; Adoption of Mortality and Other Tables of Experience and Rates of Interest; Limitations on Payments by the Retirement System
Sec. 1.17. Board of Trustees; Annual Actuarial Valuation of Assets and
Liabilities
Sec. 1.18. Board of Trustees; Powers and Duties; Fiduciary Status; Fiduciary
Duties
Sec. 1.19. Investment Committee; Establishment; Purpose; Fiduciary Status; Fiduciary Duties
Sec. 1.20. Investment Committee; Membership; Appointment
Sec. 1.21. Investment Committee; Term; Resignation and Removal;
Vacancies
Sec. 1.22. Investment Committee; Operation; Meetings; Quorum; Voting
Sec. 1.23. Investment Committee; Compensation; Expenses; Employment of
Advisors
Sec. 1.24. Investment Committee; Special Reporting Obligations
ARTICLE 2. DEFINITIONS
Sec. 2.1. Definitions
ARTICLE 3. MEMBERSHIP
Sec. 3.1. Eligible Employees
Sec. 3.2. Cessation of Membership; Re-Employment by the Employer
Sec. 3.3. Report of the Employer
ARTICLE 4. SERVICE CREDIT
Sec. 4.1. Credited Service
Sec. 4.2. Vesting Service
Sec. 4.3. Service Credit; Military Service
Sec. 4.4. Service Credit; Qualified Military Service
ARTICLE 5. ELIGIBILITY FOR RETIREMENT BENEFITS
Sec. 5.1. Eligibility for Unreduced Normal Retirement Benefit
Sec. 5.2. Eligibility for Reduced Early Retirement Benefit
Sec. 5.3. Eligibility for Deferred Vested Retirement Benefit
Sec. 5.4. Eligibility for Retirement Benefit – Disabled Members
Sec. 5.5. Return of Accumulated Mandatory Contributions to Non-Vested
Member
ARTICLE 6. RETIREMENT ALLOWANCE; VARIABLE PENSION
IMPROVEMENT FACTOR (ESCALATOR)
Sec. 6.1. Retirement Allowance
Sec. 6.2. Variable Pension Improvement Factor (Escalator)
ARTICLE 7. DEATH BENEFITS
Sec. 7.1. Accidental Death Benefit; Performance of Duty
Sec. 7.2. Death Benefits for Surviving Spouses Generally
Sec. 7.3. Refund of Accumulated Mandatory Contributions Upon Death of
Member
Sec. 7.4. Benefits Offset by Compensation Benefits; Subrogation
ARTICLE 8. FORMS OF PAYMENT
Sec. 8.1. Retirement Allowance Options
Sec. 8.2. Disposition of Surplus Benefits upon Death of Retiree and
Beneficiary
ARTICLE 9. FUNDING AND RESERVES
Sec. 9.1. Funding Objective of the Retirement System
Sec. 9.2. Funds
Sec. 9.3. Method of Financing Retirement System Benefits
Sec. 9.4. Member Contributions Picked-Up
Sec. 9.5. Fiscal Responsibility: Increased Funding Obligations and Benefit
Reductions
ARTICLE 10. VOLUNTARY EMPLOYEE CONTRIBUTIONS
Sec. 10.1. Voluntary Employee Contributions; Amount; Vesting
Sec. 10.2. Changing an Election to Contribute
Sec. 10.3. Individual Member Accounting; Crediting of Earnings
Sec. 10.4. Distribution of Accumulated Voluntary Employee Contributions
ARTICLE 11. LOAN PROGRAM FOR VOLUNTARY EMPLOYEE
CONTRIBUTIONS
Sec. 11.1. The Loan Program
Sec. 11.2. Eligibility for Loan
Sec. 11.3. Amount of Loan
Sec. 11.4. Terms and Conditions
Sec. 11.5. Loan Balance
Sec. 11.6. Default
Sec. 11.7. Distribution
Sec. 11.8. Annual Report
ARTICLE 12. LIMITATION ON BENEFITS AND CONTRIBUTIONS
Sec. 12.1. Compliance With Code Section 415(b) And Regulations
Sec. 12.2. Compliance with Code Section 415(c) and Regulations
ARTICLE 13. RETIREMENT SYSTEM ADMINISTRATION
Sec. 13.1. Board of Trustees as Retirement System Administrator
Sec. 13.2. Powers and Duties of Board
Sec. 13.3. Executive Director; Employees
Sec. 13.4. Discretionary Authority
Sec. 13.5. Administrator’s Decision Binding
ARTICLE 14. MANAGEMENT OF FUNDS
Sec. 14.1. Board as Trustee of Retirement System Assets
Sec. 14.2. Maintenance of Segregated Funds
Sec. 14.3. Custodian of Funds
Sec. 14.4. Exclusive Purpose
Sec. 14.5. Prohibited Conduct
ARTICLE 15. INVESTMENT OF RETIREMENT SYSTEM ASSETS
Sec. 15.1. Investment Powers of the Board and the Investment Committee
Sec. 15.2. Investment Management
Sec. 15.3. Best Practices
Sec. 15.4. Chief Investment Officer
Sec. 15.5. Investment Consultants
ARTICLE 16. RETIREE MEDICAL ACCOUNT
Sec. 16.1. Establishment of Account
Sec. 16.2. Effective Date of Retiree Medical Account
Sec. 16.3. Funding of Benefits
Sec. 16.4. Limitation on Contributions
Sec. 16.5. Impossibility of Diversion
Sec. 16.6. Administration
Sec. 16.7. Right to Amend or Terminate Medical Plans
Sec. 16.8. Reversion
Sec. 16.9. Limitation of Rights
ARTICLE 17. MISCELLANEOUS
Sec. 17.1. Nonduplication of Benefits
Sec. 17.2. Assignments Prohibited
Sec. 17.3. Protection Against Fraud
Sec. 17.4. Errors
Sec. 17.5. Amendment; Termination; Exclusive Benefit
Sec. 17.6. Forfeitures Not to Increase Benefits
Sec. 17.7. Required Distributions - Compliance with Code Section 401(a)(9)
and Regulations
Sec. 17.8. Direct Rollovers
Sec. 17.9. Construction
Sec. 17.10. Severability
COMPONENT II
ARTICLE A. COMMON PROVISIONS OF THE GENERAL RETIREMENT SYSTEM
Sec. A-1. Common Provisions
ARTICLE B. FREEZE OF GENERAL RETIREMENT SYSTEM AS OF JUNE 30,
2014
Sec. B-1. Freeze of Eligibility and Benefits Under General Retirement
System
ARTICLE C. DEFINITIONS.
Sec. C-1. Definitions
ARTICLE D. SERVICE CREDIT
Sec. D-1. Service Credit
Sec. D-2. Service Credit; Former Employees of the Founder’s Society—
Detroit Institute of Arts
Sec. D-3. Service Credit; Transfer to Other Governmental Service
Sec. D-4. Service Credit; Military Service
Sec. D-5. Service Credit; Qualified Military Service (Pre-Employment
Service)
ARTICLE E. DEFINED BENEFIT/DEFINED CONTRIBUTION (ANNUITY) PLAN
OF THE GENERAL RETIREMENT SYSTEM
Sec. E-1. Membership
Sec. E-2. Cessation of Membership; Re-Employment by the Employer
Sec. E-3. Service Retirement
Sec. E-4. Service Retirement Allowance
Sec. E-5. Disability Retirement
Sec. E-6. Accidental Death Benefit; Performance of Duty
Sec. E-7. Accumulated Contributions; Return of 1973 Defined Contribution
Plan Amount
Sec. E-8. Retirement Allowance Options
Sec. E-9. Benefits for Surviving Spouses; Generally
Sec. E-10. Benefits for Surviving Spouses; Disability Retirees
Sec. E-11. Disposition of Surplus Benefits upon Death of Retiree and
Beneficiary
Sec. E-12. Pensions Offset by Compensation Benefits; Subrogation
Sec. E-13. Disability Retirees; Reexamination; Authority of the Board
Sec. E-14. Transfer of Department or Department Functions; Generally
Sec. E-15. Pension Improvement Factor (Escalator)
Sec. E-16. Adoption of Rates of Interest; Limitations on Payments By
Retirement System; Transfer of Investment Returns in Excess of
Crediting Rate
Sec. E-17. Funds
Sec. E-18. Method of Financing
Sec. E-19. Determination of City’s Annual Contribution
ARTICLE F. PARTICIPANT LOAN PROGRAM
Sec. F-1. Established
Sec. F-2. The Loan Program
Sec. F-3. Eligibility
Sec. F-4. Amount of Loan
Sec. F-5. Terms and Conditions
Sec. F-6. Renewal of Loan
Sec. F-7. Loan Balance
Sec. F-8. Distributions
Sec. F-9. Annual Report
ARTICLE G. SPECIAL PLAN OF ADJUSTMENT PROVISION
Sec. G-1. Benefit Changes Implemented Pursuant to the Terms of the Plan
Of Adjustment
Sec. G-2. Annuity Savings Fund Recoupment
Sec. G-3. Income Stabilization Benefits
Sec. G-4. Restoration of Pension Benefits
ARTICLE H. MISCELLANEOUS PROVISIONS OF THE GENERAL RETIREMENT SYSTEM
Sec. H-1. Enforcement; Civil Action
Sec. H-2. Limitation of Other Statutes
