National

Dec 12, 2013 5:29 PM by Kirsten Boyd

Detroit pensions still at risk in bankruptcy

DETROIT (AP) - Detroit's emergency manager says an effort to raise $500 million to help retirees still won't prevent pension cuts as the city works on a plan to emerge from bankruptcy.

Kevyn Orr says the expectations of retirees must be "sober." He's praising the fundraising drive but says it still won't completely solve the problem of having two underfunded Detroit pension funds.

Orr spoke to The Associated Press on Thursday, nine days after a judge said Detroit is eligible to fix itself in bankruptcy and cut pensions as part of a plan to settle $18 billion in debt. Orr is pledging to come up with a blueprint by January.

Another judge has been privately talking to foundations about raising $500 million to help pensioners and prevent the sale of city-owned art.

»Comments

More News

Colorado
Story Photo

21 minutes ago

Falcon school fights to save student's life

FALCON- Aden Knar, a third grade student at Falcon Virtual Academy, is in need of a life-saving bone marrow transplant. His school, Falcon Virtual Academy, will host a bone marrow donor drive tomorrow to help find a match Aden. Knar, 10, was diagnosed at age 4 with acute lymphoblastic leukemia and entered remission in 2008. In November 2013, the Knar family learned that the leukemia had returned, and is now isolated in his bone marrow. In an outreach of support, Falcon Virtual Academy hosted a bone marrow donor drive in January, and will be hosting another tomorrow from 10 a.m. - 2 p.m. at 6113 Constitution Ave., directly west of Care and Share Food Bank for Southern Colorado. "We wanted to reach out to the family again," said Jodi Fletcher, assistant principal. Fletcher explained that more than 250 people participated in the January drive, and she hopes to have similar numbers April 19. The money from a bake sale at the drive, and a portion of the proceeds raised from a spring formal...

Most Popular

Top Videos

1 2 3 4