June 19, 2014 / 9:17 PM / 3 years ago

Detroit pension fund says will urge "yes" vote on bankruptcy plan

June 19 (Reuters) - Detroit’s Police and Fire Retirement System board on Thursday decided to recommend that its 13,000 current and retired members vote in favor of the city’s plan to adjust its debts and exit bankruptcy.

The board, in an 8-3 vote, passed a resolution supporting the plan, which cuts annual cost-of-living adjustments for police and fire retirees by 55 percent, but does not reduce their direct pension payments. (Reporting By Karen Pierog, editing by G Crosse)

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