DETROIT — Detroit's main pension fund plans to hold public meetings in early December to discuss upcoming cuts and an opportunity for retirees to apply for financial help.
Attorney Ron King says 4.5 percent cuts for 12,000 retirees likely will kick in by March 1 as a key part of Detroit's bankruptcy. The pension fund also is recouping nearly $200 million from what the city says was excessive interest paid to annuity accounts.
Retirees at risk for falling into poverty can apply for money from a separate fund. Applications are being mailed and must be returned by Dec. 31.
The disclosures were made in court Monday.
Police and fire retirees in a separate pension fund fared better. Their annual cost-of-living payment will be reduced but their pension will not be cut.
All content copyright ©2014 Daily Journal, a division of Home News Enterprises unless otherwise noted.