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City Retirees To Vote On The Cuts They’ll Take To Move Detroit’s Bankruptcy Process Forward

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(credit: Gillian Reilly/CBS Detroit)

(credit: Gillian Reilly/CBS Detroit)

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DETROIT (AP) – The most anticipated vote in Detroit this summer isn’t for a city office.

Instead, ballots due by Friday from city retirees could determine how quickly Detroit exits its historic bankruptcy and how much of the financial weight pensioners will bear.

Non-uniformed retirees are being asked to take a 4.5 percent pension cut and no cost-of-living allowances. Police and fire retirees are faced with reduced cost-of-living payments.

All classes of creditors, including banks and bond insurers, also must vote by Friday on the aspects of Orr’s debt restructuring plan that affects them.

 

© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.

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