DETROIT (AP) — Pressure is building for Michigan
lawmakers to commit $350 million to Detroit pensions after the bankrupt
city reached tentative agreements with pension funds and a retiree
group.
The deals are tied to Detroit getting money from the state
over 20 years, along with $466 million in private money, all to shore up
pensions.
Retired police and firefighters would see smaller
cost-of-living payments. Other city retirees would see a 4.5 percent
pension cut. The $816 million vanishes if retirees don’t vote in favor
in the weeks ahead.
Republican House Speaker Jase Bolger says
deals reached Tuesday are important. But he tells The Associated Press
that persuading lawmakers to approve the money soon is difficult because
of anti-Detroit sentiment in the Legislature.
Republicans control the House and Senate.
Copyright 2014 The Associated Press. All rights
reserved. This material may not be published, broadcast, rewritten or
redistributed.
DETROIT (AP) — Pressure is building for Michigan
lawmakers to commit $350 million to Detroit pensions after the bankrupt
city reached tentative agreements with pension funds and a retiree
group.
The deals are tied to Detroit getting money from the state
over 20 years, along with $466 million in private money, all to shore up
pensions.
Retired police and firefighters would see smaller
cost-of-living payments. Other city retirees would see a 4.5 percent
pension cut. The $816 million vanishes if retirees don’t vote in favor
in the weeks ahead.
Republican House Speaker Jase Bolger says
deals reached Tuesday are important. But he tells The Associated Press
that persuading lawmakers to approve the money soon is difficult because
of anti-Detroit sentiment in the Legislature.
Republicans control the House and Senate.
Copyright 2014 The Associated Press. All rights
reserved. This material may not be published, broadcast, rewritten or
redistributed.