Legal

There is a movement afoot by retirees to skip retirement in the traditional sense by selling their homes and worldly possessions to go out and see the world.

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.

The unit will reportedly be headed by Kent Hiteshew, a veteran public-finance banker at JP Morgan Chase.

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.

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.