Detroit makes deal with retired police and firefighters - KNOE 8 News; KNOE-TV; KNOE.com |

Detroit makes deal with retired police and firefighters

Posted: Updated:
© MGN Online © MGN Online

DETROIT (KNOE 8 News/AP) - The city of Detroit has reached a deal with retired police officers and firefighters that would preserve current pensions.

Under the agreement, retirees would see a reduction in annual cost of living payments that are attached to the pensions. The deal was announced Tuesday by mediators who have been negotiating privately with all parties in Detroit's bankruptcy.

The city had been proposing a 6 percent pension cut and no cost-of-living payments.

The deal still is subject to a vote by more 6,000 retirees and review by a bankruptcy judge. It also is tied to the city getting $816 million from foundations, philanthropists and the state of Michigan.

Lawmakers still haven't approved the state's $350 million share.

Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and KNOE. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.