Listen Live on  
 

TALK 1230 WTKG

TALK 1230 WTKG
 
 

Retired Detroit Police and Firefighters May See COLA Payments Cut in Pension Deal

 
Posted Tuesday, April 15th 2014 @ 12pm  by The Associated Press

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 today 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.

Recommended Stories

*