April 16, 2014 / 7:52 PM / in 4 years

Detroit pension board OKs economic terms of proposed settlement

April 16 (Reuters) - Detroit’s General Retirement System board on Wednesday passed a resolution supporting economic terms of a proposed settlement that is a key component in the city’s historic bankruptcy case, according to a spokeswoman for the system.

Tina Bassett said the system would be releasing a statement shortly. Detroit newspapers have reported that the city’s general workers and retirees would see a 4.5 percent cut in their pensions, as well as the elimination of cost of living adjustments. (Reporting By Karen Pierog; Editing by Meredith Mazzilli)

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