Board OKs $195M For Detroit Pension Funds

LANSING, Mich. (AP) – Detroit’s two pension funds will get $195 million from the state on Feb. 9.

A three-member board overseeing Michigan’s contribution to Detroit’s bankruptcy case approved the payment Monday. The money is intended to strengthen the pension funds and prevent cuts from going deeper than 4.5 percent for retirees. It also prevents any sale of city-owned art.

Besides the state of Michigan, philanthropists, foundations and the Detroit Institute of Arts are giving money toward the $816 million rescue.

Several lawsuits filed against the state by unions and other parties have been dropped, a key condition to getting the $195 million.

Michigan Treasurer Kevin Clinton says the board created to oversee the payment has no other business. Detroit’s bankruptcy ended on Dec. 10.

We welcome thoughts and comments from our viewers. We ask that everyone keep their remarks civil and respectful. Postings that contain profanity, racist, or potentially libelous remarks will be deleted. We will delete any commercial postings, as well.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s