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Orr: Detroit pension systems need to agree to bankruptcy plan to keep proposed funding levels
Reported by: Associated Press
Reported: Friday, February 21, 2014 3:51 PM EST
State-appointed emergency manager Kevyn Orr says both Detroit pension systems need to agree to his restructuring plan to fund them in order for it to work.
He filed his plan of adjustment Friday in federal court. The plan is Detroit's blueprint for emerging from bankruptcy.
Orr said the foundation money and other funding for pensions could be pulled back if systems for both general city employees and police and firefighters don't approve his plan.
Under it, police and fire retirees would get a least 90 percent of their pensions. Other retirees would receive at least 70 percent.