Detroit emergency officials meet with pension reps
Thu, 11 Jul 2013 09:50:27 GMT —
A group of Detroit pension and union leaders have met in the first of two closed-door meetings with the restructuring team of the city's state-appointed emergency manager.
Kevyn Orr wants huge cuts in pension benefits and health insurance to avoid the largest municipal bankruptcy in U.S. history.
Some attending the first two-hour session Wednesday at City Hall say no numbers or financial figures were given during the meeting.
Detroit General Retirement System general counsel Michael Van Overbeke says the sides talked about agreeing on how to proceed under a restructuring plan Orr presented last month.
Members of Detroit Police and Fire Retirement System began meeting about 3:30 p.m. with the Orr's team.
Some bankruptcy experts say the session could be the tipping point that leads to an unprecedented bankruptcy.