Detroit Retiree Group Approves Pension Cuts

By: Associated Press
By: Associated Press

Another retirees group has come out in support of Detroit's plan to cut pensions to get out of bankruptcy.
Mediators said Friday that leaders of the Detroit Retired City Employees Association are on board. The group has about 8,000 members.
Detroit is proposing to cut pensions by 4.5 percent and eliminate cost-of-living payments. Retired police officers and firefighters have a better deal.
Ballots should start turning up in mailboxes in less than two weeks. Judge Steven Rhodes also must approve any bankruptcy exit plan after court hearings this summer.
Rhodes granted the city's request to wait until Monday to file the latest version of its plan.
Detroit is hoping to get $816 million from foundations, philanthropists and the state of Michigan. Otherwise, pension cuts would be deeper.


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