Tentative deals in place with both Detroit pension systems

Cuts significantly less than originally feared

By Mara MacDonald - Reporter

DETROIT - Sources confirm for Local 4 Detroit's Emergency Manager has reached tentative deals with both Detroit pension systems.

Cuts to the pensions of the general retirement system are less than 10 percent.

Sources confirm Detroit's Police and Fire System will take no pension cut but the system's cost of living increases will be cut by two-thirds.

The tentative deals are significantly less painful than the cuts originally estimated.

Local 4 is told the actuarial data on both systems has come back significantly better than anticipated because the stock market has rebounded.

Expect an official announcement Wednesday, exact numbers and more information tonight on Local 4 News at 11.

Complete coverage: Detroit bankruptcy

Stay with Local 4 News and ClickOnDetroit.com for more on this developing story.

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