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Retirement Systems of the City of Detroit - michigan

Retirement Systems of the City of Detroit - michigan 2025

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The document is an Auditing Procedures Report issued by the Michigan Department of Treasury for the Police and Fire Retirement System of the City of Detroit, detailing the financial audit conducted as of June 30, 2005. It includes compliance affirmations with governmental accounting standards, a summary of financial statements, management's discussion and analysis, and various financial data such as assets, liabilities, contributions, and investment performance. The report highlights significant financial metrics and compliance issues related to pension funding and investment strategies.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Does the City of Detroit tax pensions?

Pension benefits are currently exempt from City of Detroit Income Taxes. W4-P Withholding Forms are included in the retirement application documents.

Do I have to pay taxes on my pension in Michigan?

Are pensions or retirement income taxed in Michigan? Yes, but its complicated. In tax year 2023, Michigan began a four-year phase-out of its retirement income tax. By the 2026 tax year, pensions and income from 401(k) and IRA withdrawals will be fully exempt from state income tax.

What is the phone number for the City of Detroit benefits office?

You can contact Benefits Administration Service Center at 855-224-6200 regarding open enrollment or in the event you have a life event such as Marriage, Birth of a Child, Divorce, etc.

How many years do you have to work for the state of Michigan to retire?

You will qualify for full retirement at age 60 with at least 10 years of service (YOS), or age 55 with 30 YOS. (Exception: If you are an unclassified legislative branch, executive branch, or judicial branch employee, you are vested for a full retirement benefit at age 60 with 5 YOS.)

What is the City of Detroit income tax exemption?

The City of Detroit income tax is a straight percentage on compensation after an adjustment for personal and dependency exemptions. Each exemption is valued at $600.00 per year. For the various pay periods, the exemption translates to the amounts in the table below.

How many years do you have to teach in Michigan to get a pension?

You are vested when you have enough service to qualify for a pension though you may not yet meet the age requirement, when you have the equivalent of 10 years of full-time public school employment.

Do I have to pay taxes on my pension?

Generally, pension and annuity payments are subject to Federal income tax withholding. The withholding rules apply to the taxable part of payments or distributions from an employer pension, annuity, profit-sharing, stock bonus, or other deferred compensation plan.

Does the City of Detroit tax retirement income?

In general, these city income taxes range from about 1% to 1.5%. But the Detroit city income tax is 2.4%, while the income tax in Highland Park is 2%. Those taxes do not apply to any form of retirement income, however. Michigan does not have an estate tax or inheritance tax.

Retirement Systems of the City of Detroit - michigan 2025

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