Detroit’s main pension fund plans to hold public meetings in early December to discuss upcoming cuts and an opportunity for retirees to apply for financial help.
Mayor Mike Duggan expressed concern about fees associated with the bankruptcy that could hit $200 million.
The Detroit Financial Review Commission was created as a condition for Michigan committing $195 million toward ending the city’s bankruptcy.
Detroit’s long-term fiscal recovery plan was approved Friday by a bankruptcy judge and calls for $1.7 billion to remove blight and fix city services over the next 10 years.
How did Detroit get to the point where it became the largest U.S. city to file for bankruptcy and what will keep the city from further fiscal irresponsibility?
Part of the plan is to cut the pensions of general retirees by 4.5 percent, while some retirees say that they are worried that the city could fall into debt and file for bankruptcy again.
“People will long remember that when Detroit arrived at this troubling hour…”
A judge on Friday approved Detroit’s plan to get out of bankruptcy, ending the largest public filing in U.S. history.
The judge overseeing Detroit’s bankruptcy is ready to decide whether the city’s plan to regain solvency is a good one.
Most of donation will be used for the DIA’s $100 million commitment to the so-called grand bargain. The rest will go toward reinstalling the museum’s Japanese collection in a new gallery.