January 22, 2014 / 9:06 PM / 4 years ago

Michigan governor unveils $350 mln plan to aid Detroit pensions

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.

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below