Retired Detroit city workers would end up getting 16 cents on the dollar for their pensions ifbankruptcynegotiations go through.
FOX News reported (http://fxn.ws/16Nc88G) that the proposal would affect 21,000 retirees, include police officers, firefighters, and other municipal workers with the exception of teachers.
The affected workers have been promised some $3.5 billion in pension payments and another $6 billion in health care benefits, money most agree Detroit cannot pay. But for aretireecounting on a modest annual pension of, for example, $30,000, the proposed cut would leave him or her with $4,800.
Read more about the plan athttp://fxn.ws/16Nc88G.
The news comes on the heels of a recent story that a paralyzed firefighter will end up losing hishealth benefitsfrom the city.
