Detroit Emergency Manager “Freezes” Pension Fund

Monday, January 6, 2014
By Paul Martin

by Tyler Durden
ZeroHedge.com
01/06/2014

So far, city employees of bankrupt Detroit have stoically withstood all direct and indirect eliminations of their entitlements and retirement benefits, which was to be expected: after all as per a recent finding, they are merely an unsecured claim in an insolvent entity. However, following the latest shot across the bow from Detroit’s emergency manager Kevyn Orr, which freeze pension plans for all non-uniform employees, said stoicism will likely be acutely tested.

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