Tuesday, March 04, 2014
Detroit retirees given ultimatum: over 26% cut in current benefits for most retirees, or nothing later
Detroit municipal pensioners face a 26% cut in their pensions, with police and fire getting a 4-6% cut. The city would not have to make contributions to their funds until 2023. If the current agreement fails because pensioners balk, they could lose everything later.
Kevin Olsen called this a “buzzsaw to pension benefits” in his Pionline article yesterday, here.
The Detroit Free Press reports the tough talk by Kevyn Orr here.
This will only exacerbate eldercare concerns for adult children in other states.