Defined Benefits

The city reached agreements two days ago with its two pension systems, after settling with some bondholders last week.

Now, companies looking for lost retirement plan participants will have to do the research on their own.

Under a deal with the citys pension systems on cuts to retirees monthly payments, the two sides agreed to cap the amount overpaid retirees must repay at 20 percent of what they received.

Experts will take into account factors such as gender, place of residence and whether they smoke.

Under a proposal announced April 15, Detroits emergency manager, Kevyn Orr, agreed to pay retired city police officers and firefighters their full monthly pensions. Hours later, the pension system for general employees, such as city hall clerks and street workers, said it, too, had settled.

The move helped shore up the pension plans financial standing and alleviates some of the PBGCs concerns about the plans sponsor being sold to a company with fewer financial resources.