UPDATE: Detroit Votes In Favor of Pension Cuts
Detroit retirees and workers have voted in favor of pension cuts.
It is a crucial step for the city of Detroit to come back from the largest municipal bankruptcy in U.S. history.
The city reported the results Monday, after two months of balloting that ended July 11.
A judge still has to hold a trial to determine if Detroit’s overall bankruptcy plan is fair and reasonable.
Approval of the pension changes sets off an extraordinary $816 million bailout from the State of Michigan, foundations, and the Detroit Institute of Arts.
That money would prevent the sale of city-owned art and prevent deeper pension cuts.