TV News LIES

Wednesday, Oct 01st

Last update01:00:55 AM GMT

You are here News Domestic (USA) Detroit retirees vote for major pension cuts – by a landslide

Detroit retirees vote for major pension cuts – by a landslide

E-mail Print PDF

Detroit pensions cutA year after filing for bankruptcy, Detroit is building momentum to get out, especially after workers and retirees voted in favor of major pension changes just a few weeks before a judge holds a crucial trial that could end the largest public filing in U.S. history.

Pension cuts were approved in a landslide, according to results filed shortly before midnight Monday. The tally from 60 days of voting gives the city a boost as Judge Steven Rhodes determines whether Detroit's overall strategy to eliminate or reduce $18 billion in long-term debt is fair and feasible to all creditors.

The rial starts August 14.

"I want to thank city retirees and active employees who voted for casting aside the rhetoric and making an informed, positive decision about their future and the future of the city," said Kevyn Orr, the state-appointed emergency manager who has been handling Detroit's finances since March 2013.

General retirees would get a 4.5 percent pension cut and lose annual inflation adjustments. They accepted the changes with 73 percent of ballots in favor. Retired police officers and firefighters would lose only a portion of their annual cost-of-living raise. Eighty-two percent in that class voted "yes."

More...


Most Recent Related Stories...


How the U.S. Ended Up With 400,000 Untested Rape Kits

Rape kit backlog Memphis just discovered hundreds of untested rape kits—adding to its backlog of more than 12,000 kits...

Gov. Jerry Brown signs California gun restriction

California gun lawCalifornia will become the first state that allows family members to ask a judge to remove...

Detroit bankruptcy judge says he can't stop city from shutting off water for unpaid bills

Detroit water cuttoffA judge overseeing Detroit's bankruptcy refused Monday to stop the city from shutting off water if...

Report: Obama rode elevator with armed man

US Secret servicePresident Barack Obama rode an elevator this month with an armed security contractor who had three...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!