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Detroit audit reveals rich payments for retirees
DETROIT (AP) - An audit of the investment practices of Detroit's two retirement systems shows some retirees received interest payments of more than 20 percent over a number of years.
The audit by the city's auditor and inspector general was released Thursday, a day after emergency manager Kevyn Orr signed an order calling for 21 officials with the General Retirement System and Police and Fire Retirement System to provide retiree pension payment records.
The report also lists a 2010 General Retirement System report that reveals more than $73 million lost in real estate investments. The Police and Fire system the same year reported a more than $52 million loss for similar investments.
Orr says the review will continue.
The Associated Press was awaiting comments Thursday afternoon from pension officials.