Tags: Detroit | bankruptcy | pensions | lawmakers

Detroit Still Needs $350 Million From State Lawmakers

Wednesday, 16 Apr 2014 01:08 PM

Pressure is building for Michigan lawmakers to commit $350 million to Detroit pensions after the bankrupt city reached tentative agreements with pension funds and a retiree group.

The deals are tied to Detroit getting money from the state over 20 years, along with $466 million in private money, all to shore up pensions.

Retired police and firefighters would see smaller cost-of-living payments. Other city retirees would see a 4.5 percent pension cut. The $816 million vanishes if retirees don't vote in favor in the weeks ahead.

Republican House Speaker Jase Bolger says deals reached Tuesday are important. But he tells The Associated Press that persuading lawmakers to approve the money soon is difficult because of anti-Detroit sentiment in the Legislature.

Republicans control the House and Senate.

© Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 
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Economy
Pressure is building for Michigan lawmakers to commit $350 million to Detroit pensions after the bankrupt city reached tentative agreements with pension funds and a retiree group.
Detroit, bankruptcy, pensions, lawmakers
126
2014-08-16
Wednesday, 16 Apr 2014 01:08 PM
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