Saginaw shifting $72 million city-managed police pension fund to MERS

Via Mlive,

By Mark Tower, Mlive

May 12, 2015

Since 1965, Saginaw has managed the pension system for its police officers and firefighters internally, through a five-member board.

But that is about to change, at least for the city’s current and retired police pensioners.

Saginaw City Council took the first steps Monday, May 11, to move about $72 million invested for police pensions from the city-run system to an outside pension system through the Municipal Employees’ Retirement System (MERS) of Michigan.

It’s a transition that has been in the works for quite some time, featured as a major topic of discussion at City Council’s January 2013 strategic planning session.

Read the full article.

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