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Wed April 16, 2014
Pension Deal Would Help Detroit Climb Out Of Bankruptcy
Originally published on Wed April 16, 2014 2:33 pm
KELLY MCEVERS, HOST:
NPR's business news starts with Detroit cutting a deal.
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MCEVERS: After days of intense negotiations, the city has reached tentative agreements with retired police officers and firefighters to preserve their pensions. Pensions of other city retirees would take a hit of 4.5 percent. They were facing a 26 percent cut.
Thousands of active and retired workers will soon vote on the plan and it'll be reviewed by a federal judge. The deal is part of a major effort by the city to emerge from bankruptcy by this fall. Last year, citing a debt of $18 billion, Detroit filed for the largest public bankruptcy in U.S. history. Transcript provided by NPR, Copyright NPR.