Detroit pensions

9:40 pm
Tue April 15, 2014

Deal Reached on Detroit Pensions

Lead in text: 
Agreement is part of larger deal to get city out of bankruptcy
Sterling Heights Retired Detroit police and firefighters would get no cut in their pension and a smaller annual cost-of-living increase under a new deal their retiree association approved Tuesday. The Retired Detroit Police and Fire Fighters Associations board voted unanimously Tuesday to support the citys latest offer to settle their claim in the bankruptcy, association president Donald Taylor said.
1:21 pm
Fri April 11, 2014

Judge Approves Settlement in Detroit Bankruptcy

Lead in text: 
Judge Steven Rhodes parties for public negotiations
Judge Steven Rhodes today approved a settlement between Detroit and two global banks over a disastrous financial bet engineered by Mayor Kwame Kilpatrick's administration. Rhodes - who had rejected two previous settlements as too generous for UBS and Bank of America - ruled that the city can pay $85 million to eliminate the disastrous pension debt interest-rate transaction known as "swaps."
12:41 pm
Tue March 4, 2014

Cost of Living Increases Are Possible Sticking Point in Negotiations over Detroit Pensions

Lead in text: 
Detroit Emergency Manager Kevynn Orr is hoping for a quick settlement with retired city workers
A proposed freeze in cost-of-living increases is emerging as a major sticking point, as city retirees resume negotiations with Detroit today for the first time since it released its debt-cutting plan last month.
12:33 pm
Sun March 2, 2014

Difficult Decisions Lie Ahead for Detroit City Pensions

Lead in text: 
Emergency Manager Kevyn Orr's restructuring plan includes large cuts in pension payments for retired city workers
A national debate has emerged in recent years over how to shore up government pension funds while at the same time not burdening today's workers and citizens with paying too much for past promises. Nobody claims fixing the problem will be easy. And nobody claims that fixing the problem won't hurt.
6:27 am
Wed January 29, 2014

Kellogg Foundation adds $40-million to preserve DIA art and Detroit pensions

Lead in text: 
Battle Creek foundation joins nine others in pledging support to Detroit
With the gift, Kellogg joins joins nine other national and local foundations that previously seeded the fund with $330 million in pledges. It's all part of the so-called grand bargain to protect the Detroit Institute of Arts and city wokers' pensions from being affected by Detroit's bankruptcy.