Cut city in the Bankruptcy Agreement in a few clicks

Aug 6th, 2022
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How to cut city in the Bankruptcy Agreement

4.9 out of 5
47 votes

when I was working we got over time we got shift premiums we got holiday pay I get none of them right now my current pay I get $3,000 a month and now that comes my health care payments come out of that also now whats gonna happen in the future what the city is trying to do theyre gonna try to cut our healthcare meaning that I would they would give me a 200 dollar stipend per month and Id have to go out and get for cure my own health care I havent seen like I said I havent seen any cuts at the top but theyre trying to cut our pensions the guys that are here working and putting their lives on the line every day now there if Im I understand is about 350 people out here in my position that are injured from job related injuries myself firefighters and police officers of EMS to be a personnel also and they want to cut our healthcare and theyre cut our wages but theyre not doing anything at the time were the grassroots people were out here were out here doing it every day public w

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Pension benefits are currently exempt from City of Detroit Income Taxes. W4-P Withholding Forms are included in the retirement application documents.
Detroit exited bankruptcy in December 2014 with about $7 billion in debt restructured or wiped out and $1.7 billion set aside to improve city services. Businesses, foundations and the state donated more than $800 million to soften the pension cuts and preclude the sale of city-owned art.
Thousands of city employees and retirees lost big on July 18, 2013, when a state-appointed manager made Detroit the largest U.S. city to file for bankruptcy. A decade later, the Motor City has risen from the ashes of insolvency, with balanced budgets, revenue increases and millions of dollars socked away.
Five years after Detroits bankruptcy, the Detroit News reported General workers endured a 4.5 percent base cut in pensions and the elimination of an annual cost-of-living increase. The pensions of police and firefighters werent cut but an annual 2.25 percent cost-of-living adjustment was reduced to about 1 percent.
As part of the bankruptcy plan, the city of Detroit was allowed to stop paying millions of dollars each year toward its pension obligations for 10 years, as the city rebuilt much needed services, such as putting streetlights back on. That obligation is back as of July 1.
Similarly, the 2022 PFRS Summary Annual Report, the average annual allowance from the Legacy Pension Plan is $31,149.18. That means that uniform Detroit retirees, on average, receive about $2,596 from their pension each month.
As of the FY2022 audited financial statements, Detroit had $927.8 million in bonded debt, or $102.1 million more than what was tallied up in bankruptcy court (adjusted for inflation). So, Detroit has more debt than it did pre-bankruptcy, yet those debts are by the two stated metrics, affordable.

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