Detroit still needs $350M from state lawmakers
Thu, 17 Apr 2014 11:31:03 GMT —
Pressure is building for Michigan lawmakers to commit $350 million to Detroit pensions after the bankrupt city reached tentative agreements with pension funds and a retiree group.
The deals are tied to Detroit getting money from the state over 20 years, along with $466 million in private money, all to shore up pensions.
Retired police and firefighters would see smaller cost-of-living payments. Other city retirees would see a 4.5 percent pension cut. The $816 million vanishes if retirees don't vote in favor in the weeks ahead.
Republican House Speaker Jase Bolger says deals reached Tuesday are important. But he tells The Associated Press that persuading lawmakers to approve the money soon is difficult because of concerns in the Legislature.
Republicans control the House and Senate.