Plan Type: Defined benefit with optional defined contribution plan
Accrual Rate: 1.6% on first 10 years, plus 1.8% on next 10 years, plus 2% on next 5 years, plus 2.2% on all years over 25
Employee Contribution: 0% to defined benefit, optional contribution to separate defined contribution fund
Value of Assets: $3,641,197,523
Accrued Liability: $3,609,558,628
Unfunded Accrued Liability: Overfunded $31,638,895
Required Contribution: $41,395,719
Required Contribution per Household: $123.04
Plan Type: Defined benefit with optional defined contribution plan
Accrual Rate: 2.5% (cap at 25 years) if hired before 1969, 2.5% for first 25 years, 2.1% thereafter (cap at 35 years)
Employee Contribution: 0% to defined benefit, 5% to separate defined contribution fund
Value of Assets: $4,316,263,291
Accrued Liability: $4,071,053,752
Unfunded Accrued Liability: Overfunded $245,209,539
Required Contribution: $61,151,057
Required Contribution per Household $181.77
Value of Assets: $0
Accrued Liability: $4,823,562,200
Unfunded Accrued Liability: $4,823,562,200
Required Contribution: $297,771,035
Required Contribution per Household: $885.10
Note: General retirement system contributions were reduced to due certificate proceeds. Police and Fire contributions were reduced due to pension obligation certificate proceeds and $25,000,000 city credit.
Information from most recent CAFR, auditor's reports, and City of Detroit website.