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July 14, 2014

Detroit Retirees, Public Workers Vote on Pension Cuts 
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Detroit creditors, including public workers and retirees, have submitted
their final votes on the city's plan to emerge from bankruptcy. The
measure would cut pensions by up to 4.5 percent and scrap cost-of-living
increases. Supporters have backed the plan on the grounds it would avoid
even worse cuts down the line, while opponents urged a "no" vote by
arguing pensioners are entitled to what they were promised. If approved,
the plan would free up hundreds of millions of dollars in outside
funding. Unofficial tallies show a majority of retirees and pensioners
have voted in favor, but final results will not be known until next
week. Detroit is currently facing a water crisis where the city has shut
off service to thousands of households over unpaid bills of as little as
two months.

 

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