The reason? That hefty tumble in stocks on the last day of the month.

The government agency will assume responsibility for the retirement benefits of 2,101 employees who worked for the late Victor Posner.

Total assets of the funds for the city's firefighters, police officers, teachers, school administrators and civil servants grew to $160.5 billion, the highest ever to end a fiscal year.

Detroits public workers and retirees voted to accept cuts to their pensions and health-care benefits, moving the city a step closer to winning approval of a bankruptcy exit plan that eliminates $7.4 billion in debt.