DETROIT (AP) - Trustees who oversee Detroit’s police and fire pensions have voted to endorse a cut in annual cost-of-living payments.
It’s the second agreement this week with a city pension fund in Detroit’s bankruptcy case. Fund trustees met Thursday.
Police and firefighters would not see a cut in their pension benefits, but the cost-of-living payment would be trimmed to about 1 percent. Other city retirees would get a 4.5 percent cut in their pension and elimination of the cost-of-living payment.
They would also have to return some money received from the pension fund through generous annuities.
Roughly 30,000 retirees and current Detroit employees will vote on the plan in the weeks ahead.
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