Detroit due to report results from pension vote
Mon, 21 Jul 2014 11:32:44 GMT —
The city of Detroit is expected to report the results of voting on pension cuts by retirees and former and current workers.
The outcome will have an impact on the city's bankruptcy case, which goes to trial on Aug. 14. Support for pension changes would give Detroit's bankruptcy plan a big boost as Judge Steve Rhodes decides whether the overall strategy is fair and feasible.
The city plans to announce results Monday, 10 days after voting ended.
General retirees would see a 4.5 percent pension cut and lose annual inflation adjustments. Retired police officers and firefighters would lose only a portion of their annual cost-of-living raise.
Approval of the pension changes would trigger $816 million from the state of Michigan, foundations and the Detroit Institute of Arts.