Detroit Pension Board Approves Retirement Benefits Cuts

5:12 pm
Wed April 16, 2014

Detroit Pension Board Approves Retirement Benefits Cuts

Lead in text: 
The Retirement System approved the proposal unanimously, but the process isn't done yet.
A Detroit pension board could vote this afternoon on a deal that would cut pension checks for non-uniformed city workers and retirees by 4.5% and eliminate cost-of-living adjustment increases to retirement benefits. But even if trustees for the city's General Retirement System accept the deal today, the cuts still would have to be approved by the pension fund's nearly 18,000 individual retirees and workers.