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they sell assets in bankruptcy? They haven sold any assets. There are parking garages and golf courses, said Baker, who worked for Detroit for nearly 39 years.
The average annual pension for police and fire retirees is $32,000, while most other retired city workers get $19,000 to $20,000. Detroit emergency manager Kevyn 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.
Michigan Attorney General Bill Schuette believes Rhodes is wrong, but he said Monday he won appeal now that retirees have voted for the cuts.
There are tens of thousands of creditors in Detroit $18 billion 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.
The Michigan Constitution says public pensions can be cut, but Rhodes, in his most significant decision in the case, 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.
Detroit says retirees and workers have approved pension cuts
their annual cost of living raise. Eighty two per cent in that class voted counting was done by a private company.
will respect their decision, he said in a statement.
workers, on whether to accept millions of dollars in cuts. history.
FILE Orange Nike Air Max Men 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. city to seek bankruptcy protection, it has experienced a wide range of improvements that will factor into Judge Steven Rhodes decisions during next month bankruptcy trial. A major piece of the bankruptcy puzzle could fall into place Monday, July 21, 2014, with the expected release of the results of a vote by creditors, including more than 30,000 retired and current city Air Max For Ladies 2016
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, Orr said in a statement late Monday.
clearly a victory for the city, said Anthony Sabino, a bankruptcy expert who teaches business law at St. John University in New York. 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. retirees would get a 4.5 per cent pension cut and lose annual inflation adjustments. They accepted the changes with 73 per cent of ballots in favour. Retired police officers and firefighters would lose only a portion of Nike Air Max 2017 Baby Pink
Many organizations, including the leaders of retiree groups, had urged a Nike Air Max Womens White And Gold
absolutely unprecedented in a bankruptcy, Sabino said.
Separately on Monday, a Boston based restructuring expert hired to advise the judge said Detroit overall bankruptcy plan is 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 malady among workers all will be challenges.
vote, insisting it was 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.
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 overall bankruptcy plan is fair and feasible to all creditors, from Wall Street to Main Street, but support from retirees is vital.
Approval of 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.
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