Skip to main content
Tags: Detroit | retirees | back | pension | plan

Detroit Retirees Back Pension Cuts by a Landslide

Tuesday, 22 July 2014 06:59 AM EDT

Detroit's emergency manager is praising workers and retirees who approved pension cuts as a way to get the city out of bankruptcy.

Results filed late Monday show the changes were endorsed by a landslide. The tally gives the city a boost as Judge Steven Rhodes determines whether Detroit's overall strategy to scrub billions in debt is fair and feasible to all creditors. Trial starts Aug. 14.

Emergency manager Kevyn Orr says retirees made an "informed, positive decision."

General retirees would get a 4.5 percent pension cut and lose annual inflation adjustments. Retired police officers and firefighters would lose a portion of annual cost-of-living raises.

Their approval triggers an $816 million bailout from the state, foundations and the Detroit Institute of Arts to prevent the sale of city-owned art and avoid deeper pension cuts.

© Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


US
Detroit's emergency manager is praising workers and retirees who approved pension cuts as a way to get the city out of bankruptcy.Results filed late Monday show the changes were endorsed by a landslide. The tally gives the city a boost as Judge Steven Rhodes determines...
Detroit, retirees, back, pension, plan
133
2014-59-22
Tuesday, 22 July 2014 06:59 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
TOP

Interest-Based Advertising | Do not sell or share my personal information

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved
Download the Newsmax App
NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved