Source: The Detroit News
Detroit — The city wants to slash monthly pensions for general retirees up to 34 percent while retired cops and firefighters would see their pensions cut 10 percent under a debt-cutting plan filed Friday that would end the biggest municipal bankruptcy case in U.S. history.
The figures, for the first time, quantify the cuts facing retirees, who have anxiously awaited specific details since Detroit filed bankruptcy July 18.
Orr said retirees could get smaller reductions in their pensions if they accept a $815 million fund of state aid and money from foundations and private donors to bolster the city’s retirement funds and shield the Detroit Institute of Arts collection from a sale.
“Without a negotiated solution, these funds are at risk,” Orr said in a conference call with reporters.
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