- Associated Press - Wednesday, December 17, 2014

DETROIT (AP) - Detroit’s retirement system is holding community meetings to discuss pension cuts that are coming as a result of the city’s bankruptcy.

The events take place Wednesday afternoon at Fellowship Chapel in Detroit and Wednesday evening at Renaissance Unity Church in the suburb of Warren.

Judge Steven Rhodes approved Detroit’s historic reorganization in November, and state and city officials last week declared the bankruptcy over. Some retirees will see their pensions cut by 4.5 percent. Cost of living allowances were reduced for retired police and firefighters.

The impact on retirees would have been more onerous if not for an $800 million promise from foundations, major corporations and the state to help soften cuts to their pensions while protecting city-owned pieces in the Detroit Institute of Arts from possible sale.


Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.

 

Click to Read More and View Comments

Click to Hide