Detroit Institute of Art (DIA)
Various foundations contributing to save the DIA
Residents of Detroit
The state of Michigan
Here is a 140-character summary:
Detroit recoveries: GOs 20%; COPS undetermined; fire/police pension, 21%-30%; general employee pensions 27-33%; water/sewer, 100%, swaps,tbd
— Caitlin Devitt (@Devitt_BB) February 21, 2014
Here is a summary of the proposed treatment of retirees from Amy Haimerl of Crains Detroit Business:
Police and fire retirees are expected to have their pensions funded at 90 percent. If, however, they approve the plan of adjustment early on, the city has offered a carrot: They would only take a 6 percent hit.
General retirees will see their pensions reduced by 34 percent. If they vote for the plan, the city would pay them out at a rate of 74 percent.
These cuts would be in place for 10 years. At that point, if the retirement systems are healthy, the reductions could be renegotiated.
The official retirees committee calls the plan “non-confirmable” in its current state, saying it will force 20 percent of current retirees into poverty.
Some information on the treatment of bond and swap holders: