Share

Detroit retirees to discuss restructuring plan

|
News,Business

DETROIT (AP) — Municipal retirees have been invited to a series of town hall meetings to discuss Detroit's bankruptcy restructuring plan.

The firm acting as counsel for the official Retiree Committee also says the voting process for creditors and the schedule for the city's emergence from bankruptcy will be addressed during the open discussions.

Two meetings are scheduled Wednesday and two Friday at Cobo Center in Detroit's downtown.

About 20,000 Detroit retirees are currently receiving pensions from the city. State-appointed emergency manager Kevyn Orr is proposing to cut pensions by 4.5 percent and eliminate cost-of-living payments for General Retirement System retirees. Retired police officers and firefighters have a better deal that trims only cost-of-living payments.

Retirees have to vote on the plan and have until July 11 to return their ballots.

View article comments Leave a comment