What or How Much Should We Know About EDRO?

In a previous post, A City Ordinance for Pensions Now This Is A Thing I asked who this is for? Still, not sure who this ordinance is for, but I do have minutes to a Pension Board meeting. Follow this link to read 7-26-16ggmeeting-minutes-2 I will highlighting some portions of the meeting minutes for this post.

Pension Board Dearborn Heights

Mayor Pension Dearborn Heights

EDRO? (Eligible Domestic Relations Order) so what is this I asked that very question and started to look into what it is and what does this have to do with pensions and the Mayor? After all, I’ve never heard of it so thanks to this thing called the internet you can find all kinds of information. I know Councilman Kosinski doesn’t think we know anything, but what we don’t know we can find out.

EDRO,Pension

Reading from the minutes the legal response to a question asked by Mayor Paletko was how the EDRO recoupment amount increases if the plan participant retires after the age of 60?  Good question I’m not a CPA so I had to read again from information on the internet.

important-terms-edro

payments-for-edro

 

 

 

 

 

 

This might be the answer as to how,

edro-mayor-calulations

No Councilman Kosinski I’m not a lawyer or a CPA and neither are you this, however, is very straight forward from what I can see. You can read everything there is on EDRO Click Here

I don’t know who the new pension ordinance will benefit or even if it will benefit anyone. I do know this is the second meeting about pensions in the past couple of weeks. The Mayor is questioning the pension board and our City Council is meeting to make a new ordinance relating to pensions. Sooner or later this will come before a public meeting and then we will all know what it’s about.

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