Last updated: April 16. 2014 12:35AM - 795 Views
Associated Press



FILE - In this Tuesday April 1, 2014, file photo, protestors against deeper cuts in pensions, march in front of the Theodore Levin Federal Courthouse in Detroit. The city of Detroit has reached a deal with retired police officers and firefighters that would preserve current pensions but trim annual cost-of-living payments — the first major agreement with retirees in the bankruptcy case, mediators announced Tuesday, April 15, 2014. (AP Photo/Detroit Free Press, Mandi Wright, File)  DETROIT NEWS OUT;  NO SALES
FILE - In this Tuesday April 1, 2014, file photo, protestors against deeper cuts in pensions, march in front of the Theodore Levin Federal Courthouse in Detroit. The city of Detroit has reached a deal with retired police officers and firefighters that would preserve current pensions but trim annual cost-of-living payments — the first major agreement with retirees in the bankruptcy case, mediators announced Tuesday, April 15, 2014. (AP Photo/Detroit Free Press, Mandi Wright, File) DETROIT NEWS OUT; NO SALES
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(AP) The Detroit pension fund that covers all retirees except former police officers and firefighters says it has reached a tentative agreement with the bankrupt city.


Tina Bassett, a spokeswoman for the city's general pension fund, says retirees would see a 4.5 percent cut and their cost-of-living payments would be eliminated under a deal reached late Tuesday.


Hours earlier, a group representing retired police and firefighters announced that it had reached its own deal to preserve pension benefits but trim cost-of-living payments.


Together, the agreements would cover all of Detroit's retired public workers. They would still need the approval of the more than 20,000 retirees and the thousands of active workers who qualify for a future pension. The bankruptcy judge would also have to approve.


Associated Press
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