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The average annual pension for police and fire retirees is $32,000, while most other retired city workers get $19,000 to $20,000. Orr has said pension changes are unfortunate but necessary because two funds are underfunded by billions. If investment performance improves in the years ahead, he said, the cuts could be restored.
overall bankruptcy plan is "feasible," a key standard at the upcoming trial. But Marti Kopacz warned that antiquated computer systems, a pledge to spend more than $1 billion to improve services after bankruptcy and a "cultural malady" among workers all will be challenges.
Support for the pension changes triggers an extraordinary $816 million bailout from the state of Michigan, foundations and the Detroit Institute of Arts. The money would prevent the sale of city owned art and avoid deeper pension cuts. The judge, however, still must agree.
Voting ended July 11, and the counting was done by a private company.
The judge set aside a day last week to hear the personal stories of retirees frightened about getting smaller checks.
Indeed, a Boston based restructuring expert hired to advise the judge said Monday Detroit's Nike Air Max Ladies Purple
The Michigan Constitution says public pensions can't be cut, but Rhodes said in December that federal bankruptcy law trumps that shield. It was a groundbreaking opinion that could influence local governments across the country that go broke.
In a statement Tuesday, Michigan Gov. Rick Snyder said the vote is recognition that the state has pulled together in support of the city. He noted that many people faced "difficult decisions" and said their sacrifices are appreciated.
"We have farther to go down this road," Snyder said. "But the vote tallies show how far we've come in the past year, and that Detroit's future is increasingly brighter."
by billions. If investment performance improves in the years ahead, he said, the cuts could be restored. "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 Nike Air Max 2016 Light Blue the city," Kevyn Orr said in a statement late Monday. history.
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. Trial starts Aug. 14.
Anthony Sabino, a bankruptcy expert who teaches business law at St. John's University in New York, said results of the voting are a big win for the city.
"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."
Pension cuts were approved in a landslide, according to results filed shortly before Nike Air Max Motion Lightweight Lw
"Don't they sell assets in bankruptcy? They haven't sold any assets. There are parking garages and golf courses," said Baker, who worked for Detroit for nearly 39 years.
In a May 30, 2014 file photo, Detroit emergency manager Kevyn Orr speaks with reporters after addressing the Mackinac Policy Conference on Mackinac Island, Mich. The average annual pension for police and fire retirees is $32,000, while most other retired city workers get $19,000 to $20,000. Orr has said pension changes are unfortunate but necessary because two funds are underfunded Air Max 2016 Black Blue
There are tens of thousands of creditors in Detroit's bankruptcy, from bond holders to businesses that provide soap, but much of the focus of the last year has been on the roughly 32,000 retirees and current and former workers banking on a pension. They have put a real and often anguished face on the process.
"It will pave the way for a confirmation hearing. Detroit will be able to move forward, not with absolute financial certainty but far more than Detroit has enjoyed in decades," he said.
"There are . employees who don't grasp that their job is to provide a service to the taxpayers versus the taxpayers owing them a job," Kopacz said in a report released Monday.
Many retiree organizations had urged a "yes" vote, insisting the pension changes were the best option under tough circumstances. But Dorothy Baker, 64, disagreed. Besides the pension cut, the library retiree who lives in suburban St. Clair Shores would lose a portion of her annuity earnings.
Detroit retirees back pension cuts
In a Thursday, July 3, 2014 file photo, Detroit retirees Mike Shane, left, and William Davis protest near the federal courthouse in Detroit. history. The city disclosed results from two months of balloting, which ended July 11. Judge Steven Rhodes still must hold a trial in August to determine if Detroit's overall bankruptcy plan is fair and feasible to all creditors, from Wall Street to Main Street, but support from retirees is vital. (AP Photo/Paul Sancya, File)
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