65) Using current valuation assumptions and methods, as of June 30, 2011, the GRS and PFRS had unfunded actuarial accrued liabilities of approximately $639.
4 billion for its underfunded pension funds, the GRS and the PFRS.
Editor's note: The statement may be attributed to Bruce Babiarz, spokesperson for the PFRS
Board of Trustees.
Wilshire, a nationally recognized investment advisor, reported to the Board that the PFRS earned $564 million in investment gains for calendar 2013, with investment gains of $181 million achieved in the fourth quarter.
The City of Detroit, which entered into bankruptcy in December 2013, has not made any of its financial obligation payments to the PFRS in more than a year.
The 2012 issuance increases PFRS funding to approximately 68% from 37.
The UAALs for PFRS and OPEBs are currently estimated to be $494 million and $520 million respectively, and the city is also faced with increasing contributions to CalPERS as that system smooths in past years' investment losses.
Redico, owners of One Kennedy Square, refinanced the 10 story building paying a $3 million mezzanine loan off to the PFRS
five months early.
The severance of MayfieldGentry Realty Advisors, LLC of Detroit is a direct result of an admission by MGRA of conduct that is a violation of its fiduciary responsibilities to the PFRS and its membership.
This action impacts a substantial amount of PFRS real estate investment holdings and the PFRS has taken steps to place these assets under the day-to-day control of trusted and proven property managers.
The titles to those properties were never transferred to the PFRS and one of those buildings was sold.
Debt is at moderate-to-high levels and there is a sizable unfunded actuarial accrued liability remaining in PFRS
of approximately $268.