By Associated Press - Friday, June 20, 2014

DETROIT (AP) - Michigan Gov. Rick Snyder is urging Detroit pensioners to vote in favor of a restructuring plan for the bankrupt city.

Snyder told The Associated Press on Friday that if they vote no, “they’re much worse off financially.”

The governor made the comments ahead of a bill signing that will authorize $195 million in state help for Detroit, part of what’s been called the ‘Grand Bargain.’

The state contribution and pledges from foundations would save the city’s art treasures and help avoid deeper cuts to retiree pensions if the restructuring plan is approved in bankruptcy court. Retirees have until July 11 to vote on the proposal, which includes the state and foundation funding promise.

Snyder says the bill signing is an “important milestone” toward in resolving the bankruptcy.

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