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Deal over pensions close in Detroit bankruptcy -pension official
April 15, 2014 / 3:30 PM / 4 years ago

Deal over pensions close in Detroit bankruptcy -pension official

April 15 (Reuters) - Detroit and its two pension funds are close to a deal over the treatment of retirement benefits in the city’s historic bankruptcy case, a top retirement system official said on Tuesday.

George Orzech, chairman of Detroit’s Police and Fire Retirement System, said a final deal that would increase the assumed investment rate of return for the funds and decrease the percentage of pension cuts proposed by the city could be reached as soon as Tuesday.

He added that under the potential deal, the funds would drop their attempt to overturn a December federal court ruling that found Detroit was eligible for the biggest municipal bankruptcy in U.S. history. (Reporting by Karen Pierog; Editing by James Dalgleish)

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