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.  

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