Today Is An Important Day In The Detroit Bankruptcy Case

Jul 21, 2014

Detroit due to report results from pension vote   

Downtown Detroit
Downtown Detroit
Credit Wikipedia
The city of Detroit is expected to report the results of voting on pension cuts by retirees and former and current workers. The outcome will have an impact on the city's bankruptcy case, which goes to trial on August. 14th.

Support for pension changes would give Detroit's bankruptcy plan a big boost as Judge Steve Rhodes decides whether the overall strategy is fair and feasible. The city plans to announce results Monday, 10 days after voting ended.

General retirees would see a 4.5 percent pension cut and lose annual inflation adjustments. Retired police officers and firefighters would lose only a portion of their annual cost-of-living raise. 

Approval of the pension changes would trigger $816 million from the state of Michigan, foundations and the Detroit Institute of Arts.