Trustees meeting Wednesday supported a deal reached Tuesday between negotiators and the city of Detroit.
Pressure is building for Michigan lawmakers to commit $350 million to Detroit pensions after the bankrupt city.
The $85 million “swaps deal” is a key to Emergency Manager Kevyn Orr’s plan to restructure Detroit’s overwhelming debt.
Creditors have until June 30 to vote on the plan, which — according to some — pits retirees against each other.
The city of Detroit has reached yet another tentative agreement to settle a pension debt with lenders.
AFSCME Council 25 is reacting to the release of Kevyn Orr’s plan to dig Detroit out of debt.
The plan has been touted as the blueprint for Detroit’s future and key in the city’s sojourn through the largest municipal bankruptcy in U.S. history.
“It’s important to note that the DIA is not in bankruptcy, in fact it is functioning extraordinarily well.”
The W.K. Kellogg Foundation is giving $40 million to prevent the sale of Detroit art and help city retirees.
“This is a settlement. This is not a bailout, and I want to be very, very clear about that,” the governor said.