Policy: Entitlements

Snyder to announce plan to aid Detroit pensions

|
News,Business,Detroit,Entitlements,Detroit Bankruptcy,Pensions,Rick Snyder

LANSING, Mich. (AP) — Michigan Gov. Rick Snyder and legislative leaders are supporting a plan to commit state money to shore up Detroit pension funds at risk in the city's bankruptcy.

The governor scheduled a Wednesday afternoon news conference in Lansing to make the announcement with top Republicans in the Legislature.

Snyder has been limited in what he can say publicly about state aid for Detroit because of the confidential mediation process. But last week he was privately gauging support among lawmakers for a state commitment of roughly $350 million over 20 years, matching $330-plus million in commitments to date from foundations to bolster Detroit's pension funds and prevent the sale of city-owned art.

Senate Majority Leader Randy Richardville personally likes the proposal but says his Republican caucus hasn't committed to it yet.

View article comments Leave a comment

More from washingtonexaminer.com