A group representing Detroit public employees has accepted cuts to their pensions as part of the negotiations around the city’s bankruptcy effort. The board of Detroit’s General Retirement System has approved a deal that would cut pensions by 4.5 percent and scrap cost-of-living increases. This comes after retired police officers and firefighters accepted a more favorable deal that left pensions untouched. Together, the two groups represent around 23,000 of the 30,000 public workers who have faced threats to their retirement benefits following the bankruptcy filing by Detroit’s emergency manager last year. Detroit’s bankruptcy effort is the largest by a municipality in U.S. history.
Reps for Detroit Public Workers Accept Pension Cuts
HeadlineApr 17, 2014