Detroit creditors, including public workers and retirees, have submitted their final votes on the city’s plan to emerge from bankruptcy. The measure would cut pensions by up to 4.5 percent and scrap cost-of-living increases. Supporters have backed the plan on the grounds it would avoid even worse cuts down the line, while opponents urged a “no” vote by arguing pensioners are entitled to what they were promised. If approved, the plan would free up hundreds of millions of dollars in outside funding. Unofficial tallies show a majority of retirees and pensioners have voted in favor, but final results will not be known until next week. Detroit is currently facing a water crisis where the city has shut off service to thousands of households over unpaid bills of as little as two months.
Detroit Retirees, Public Workers Vote on Pension Cuts
HeadlineJul 14, 2014