Michigan governor unveils $350 mln plan to aid Detroit pensions

Wed Jan 22, 2014 4:03pm EST

Jan 22 (Reuters) - Michigan Governor Rick Snyder on Wednesday unveiled a plan to tap up to $350 million of state funds over 20 years to bolster Detroit's public pension funds.

The Republican governor, who was joined at a press conference by Republican legislative leaders, said his plan was aimed at helping to resolve Detroit's bankruptcy. He added that funds Michigan receives from a multi-state settlement with U.S. tobacco companies would be "a good potential source" of the money to aid Detroit retirees.