Detroit pensions http://michiganradio.org en Pensioners vote “yes” to cuts, bond holders prepare to fight http://michiganradio.org/post/pensioners-vote-yes-cuts-bond-holders-prepare-fight <p></p><p><span style="line-height: 1.5;">Detroit pensioners voted to accept the pension cuts and allow the Detroit Institute of Arts to become an independent institution. In response, bond insurers who could lose billions in Detroit’s bankruptcy are preparing to fight.</span></p><p><em>Detroit Free Press</em> columnist Nancy Kaffer joined us today on Stateside to talk about what this means for Detroit.</p><p>Police and fire pensioners voted 82% in favor. General retirement pensioners voted 73% in favor.&nbsp;</p><div>Two big bond insurers, Syncora and Financial Guaranty Insurance Company are promising to fight this agreement.&nbsp;</div><p> Tue, 22 Jul 2014 19:56:07 +0000 Stateside Staff 18474 at http://michiganradio.org Pensioners vote “yes” to cuts, bond holders prepare to fight Our future is tied to our kids' future, and a new report shows that doesn't look good http://michiganradio.org/post/our-future-tied-our-kids-future-and-new-report-shows-doesnt-look-good <p dir="ltr" style="line-height:1.15;margin-top:0pt;margin-bottom:0pt;">&nbsp;</p><p><span style="font-family: Arial; font-size: 15px; white-space: pre-wrap; line-height: 1.15; background-color: transparent;">You have to give </span>Detroiters<span style="font-family: Arial; font-size: 15px; white-space: pre-wrap; line-height: 1.15; background-color: transparent;"> a lot of credit.</span></p><p><span style="font-family: Arial; font-size: 15px; white-space: pre-wrap; line-height: 1.15; background-color: transparent;">They voted, by </span><span style="font-family: Arial; font-size: 15px; white-space: pre-wrap; line-height: 1.15; background-color: transparent;">overwhelming margins, to accept major cuts to their pensions. </span><span id="docs-internal-guid-e1ff40f5-5e99-a3ba-89a9-c12c7c8c0d91" style="line-height: 1.15;"><span style="font-size: 15px; font-family: Arial; vertical-align: baseline; white-space: pre-wrap; background-color: transparent;">In what was most surprising, nearly 90% of city retirees also </span></span><span style="font-family: Arial; font-size: 15px; white-space: pre-wrap; line-height: 1.15; background-color: transparent;">voted to give up 90% of their health care benefits. </span><span id="docs-internal-guid-e1ff40f5-5e99-a3ba-89a9-c12c7c8c0d91" style="line-height: 1.15;"><span style="font-size: 15px; font-family: Arial; vertical-align: baseline; white-space: pre-wrap; background-color: transparent;">They voted to make sacrifices in their old age to give their city a </span></span><span style="font-family: Arial; font-size: 15px; white-space: pre-wrap; line-height: 1.15; background-color: transparent;">chance at a future, something that we should find pretty admirable.</span></p><p><span id="docs-internal-guid-e1ff40f5-5e99-a3ba-89a9-c12c7c8c0d91" style="line-height: 1.15;"><span style="font-size: 15px; font-family: Arial; vertical-align: baseline; white-space: pre-wrap; background-color: transparent;">Now, granted, they had a gun to their heads. They were told to take </span></span><span style="font-family: Arial; font-size: 15px; white-space: pre-wrap; line-height: 1.15; background-color: transparent;">this deal, or something worse would be imposed on them, but they could </span><span style="font-family: Arial; font-size: 15px; white-space: pre-wrap; line-height: 1.15; background-color: transparent;">have raged against the machine, and didn’t.</span></p><p><span id="docs-internal-guid-e1ff40f5-5e99-a3ba-89a9-c12c7c8c0d91" style="line-height: 1.15;"><span style="font-size: 15px; font-family: Arial; vertical-align: baseline; white-space: pre-wrap; background-color: transparent;">In fact, they weren’t even obligated to approve the health care cuts, </span></span><span style="font-family: Arial; font-size: 15px; white-space: pre-wrap; line-height: 1.15; background-color: transparent;">though they probably couldn’t have stopped them.</span></p><p><span style="font-family: Arial; font-size: 15px; white-space: pre-wrap; line-height: 1.15; background-color: transparent;">People love to bash Detroiters, b</span><span style="font-family: Arial; font-size: 15px; white-space: pre-wrap; line-height: 1.15; background-color: transparent;">ut throughout the years, they have stepped up time and </span><span id="docs-internal-guid-e1ff40f5-5e99-a3ba-89a9-c12c7c8c0d91" style="line-height: 1.15;"><span style="font-size: 15px; font-family: Arial; vertical-align: baseline; white-space: pre-wrap; background-color: transparent;">again, voting to tax themselves when told they had to do so to save </span></span><span style="font-family: Arial; font-size: 15px; white-space: pre-wrap; line-height: 1.15; background-color: transparent;">the city; voting now to accept new painful sacrifices.</span></p><p></p><p><span style="font-family: Arial; font-size: 15px; white-space: pre-wrap; line-height: 1.15; background-color: transparent;">Meanwhile, four classes of the city’s hugest creditors voted no on </span><span style="font-family: Arial; font-size: 15px; white-space: pre-wrap; line-height: 1.15; background-color: transparent;">settlement offers made to them, and so further court battles lie </span><span style="font-family: Arial; font-size: 15px; white-space: pre-wrap; line-height: 1.15; background-color: transparent;">ahead.</span></p><p><span style="font-family: Arial; font-size: 15px; white-space: pre-wrap; line-height: 1.15; background-color: transparent;">All of this is bound to overshadow another story today that in the </span><span style="font-family: Arial; font-size: 15px; white-space: pre-wrap; line-height: 1.15; background-color: transparent;">long run may be as meaningful for our future. </span></p><p> Tue, 22 Jul 2014 16:29:04 +0000 Jack Lessenberry 18470 at http://michiganradio.org Our future is tied to our kids' future, and a new report shows that doesn't look good Detroit retirees say yes to the "grand bargain" in big victory for Kevyn Orr, DIA http://michiganradio.org/post/detroit-retirees-say-yes-grand-bargain-big-victory-kevyn-orr-dia <p>The proposed "grand bargain" that would soften the blow to Detroit pensioners while preserving the city's art collection has cleared a major hurdle.</p><p>That's because city retirees have <a href="http://www.freep.com/article/20140721/NEWS01/307210176/Detroit-bankruptcy-pension-grand-bargain-vote">voted for the plan by an overwhelming margin.</a></p><p>As city creditors, pensioners got to cast ballots for or against emergency manager Kevyn Orr's bankruptcy restructuring. The grand bargain is an integral part of that plan of adjustment.</p> Tue, 22 Jul 2014 04:37:02 +0000 Sarah Cwiek 18461 at http://michiganradio.org Detroit retirees say yes to the "grand bargain" in big victory for Kevyn Orr, DIA Detroit "grand bargain" ballots were due today http://michiganradio.org/post/detroit-grand-bargain-ballots-were-due-today <p>Today was the deadline for Detroit retirees to vote on the city’s bankruptcy restructuring plan, known formally as a “plan of adjustment.”</p><p>The California firm tallying the votes had to receive them by today.</p><p>All creditors get to vote on the plan of adjustment. But pensioners’ votes are particularly key—especially when it comes to the future of the “grand bargain.”</p><p>That’s the deal to use more than $800 million in public and foundation money to minimize pension cuts, and protect the Detroit Institute of Arts’ collection from being sold to pay off creditors.</p> Fri, 11 Jul 2014 22:38:35 +0000 Sarah Cwiek 18353 at http://michiganradio.org Detroit "grand bargain" ballots were due today Deadline approaches for bankruptcy plan vote http://michiganradio.org/post/deadline-approaches-bankruptcy-plan-vote <p>DETROIT (AP) - The most anticipated vote in Detroit this summer isn't for a city office.</p><p></p> Sun, 06 Jul 2014 17:35:11 +0000 Associated Press 18270 at http://michiganradio.org Deadline approaches for bankruptcy plan vote Schuette jumps into court fight over access to Detroit retirees' personal finance data http://michiganradio.org/post/schuette-jumps-court-fight-over-access-detroit-retirees-personal-finance-data <p>Michigan Attorney General Bill Schuette is <a href="http://www.mlive.com/news/detroit/index.ssf/2014/06/attorney_general_weighs_in_on.html">jumping in the fight</a> to prevent one of Detroit’s major creditors from accessing the personal financial records of city retirees.</p><p>Bond insurer Syncora Guarantee Inc. is on the hook for hundreds of millions of dollars if Detroit’s plan for exiting bankruptcy moves forward.</p> Fri, 20 Jun 2014 23:40:24 +0000 Sarah Cwiek 18100 at http://michiganradio.org Schuette jumps into court fight over access to Detroit retirees' personal finance data Why some Detroit pensioners' votes are worth more than others in the 'grand bargain' http://michiganradio.org/post/why-some-detroit-pensioners-votes-are-worth-more-others-grand-bargain <p></p><p>Surprisingly, perhaps, the so-called 'grand bargain' to solve Detroit’s bankruptcy sailed through the Legislature.</p><p><span style="line-height: 1.5;">Now, there is nothing to do but wait.</span></p><p><span style="line-height: 1.5;">Remember election nights in the old days, and staying up all night to find out who had won?</span></p><p><span style="line-height: 1.5;">Well, we’ve got something like that again where Detroit is concerned, except this election night will last more than a month.</span></p><p>The Detroit bankruptcy settlement now depends on the votes of 32,000 city workers and retirees. We won’t know the final result until July 11 or later. These folks are being asked to agree to have their pensions cut, and promise not to sue.</p><p>Many retirees are also being asked to pay back some annuity savings money they were improperly credited with.</p><p> Mon, 09 Jun 2014 14:17:47 +0000 Jack Lessenberry 17908 at http://michiganradio.org Why some Detroit pensioners' votes are worth more than others in the 'grand bargain' Committee vote expected in Detroit aid agreement http://michiganradio.org/post/committee-vote-expected-detroit-aid-agreement <p>There could be a first vote tomorrow in the Legislature on an almost $200 million deal to aid the city of Detroit. Mayor Mike Duggan was one of those who testified prior to the historic vote. Duggan says, overall, he supports the plan.</p><p></p><p>“I want you to be comfortable we’re not going to be coming back in two years, four years, six years – that we’re going to solve this once and when we do solve it once, you’re going to be proud of how progress is made,” Duggan told the House Committee on Detroit’s Restructuring and Michigan’s Future.</p><p></p> Wed, 21 May 2014 00:46:14 +0000 Rick Pluta 17683 at http://michiganradio.org Committee vote expected in Detroit aid agreement Retirees' committee will back Detroit pension cuts http://michiganradio.org/post/retirees-committee-will-back-detroit-pension-cuts <div>DETROIT (AP) - A committee representing Detroit retirees has agreed to endorse the city's plan to cut pensions in bankruptcy.</div><div>&nbsp;</div><div></div><div><span style="line-height: 1.5;">The committee is supporting deals struck last week that would cut the pensions of general retirees by 4.5 percent and eliminate cost-of-living payments. Police officers and firefighters would see a cut only in their annual inflation allowance.</span></div><div>&nbsp;</div><div>Detroit also wants to recover certain generous annuity payments made since 2003. Sat, 26 Apr 2014 18:17:14 +0000 The Associated Press 17374 at http://michiganradio.org Retirees' committee will back Detroit pension cuts Detroit bankruptcy in cruise control – but there are big speed bumps ahead http://michiganradio.org/post/detroit-bankruptcy-cruise-control-there-are-big-speed-bumps-ahead <p>Detroit’s historic bankruptcy case has picked up steam in the past couple of weeks.</p><p>The city reached tentative agreement with some of its major creditors, clearing the way for a relatively quick exit from bankruptcy court.</p><p>But there are still some key missing pieces that could derail the process, and now they’re mostly outside the city’s control.</p><p></p><p><strong>“Now is the time to negotiate”</strong></p> Fri, 25 Apr 2014 13:57:45 +0000 Sarah Cwiek 17358 at http://michiganradio.org Detroit bankruptcy in cruise control – but there are big speed bumps ahead With major settlements piling up, Detroit bankruptcy moves along at lightning speed http://michiganradio.org/post/major-settlements-piling-detroit-bankruptcy-moves-along-lightning-speed <p>This has proven to be a watershed week in Detroit’s bankruptcy case, which is now moving along at lightning speed.</p><p>On Tuesday, representatives for Detroit’s <a href="http://www.freep.com/article/20140416/NEWS01/304160130/Detroit-pension-board-general-cut">two pension funds reached tentative settlements with the city</a>.</p><p>The deals would spare Detroit’s retired police officers and firefighters any direct cuts to their pensions, while non-uniform retirees would take 4.5% cuts.</p> Thu, 17 Apr 2014 10:00:00 +0000 Sarah Cwiek 17262 at http://michiganradio.org With major settlements piling up, Detroit bankruptcy moves along at lightning speed Detroit bankruptcy: No pension cuts for police and fire retirees http://michiganradio.org/post/detroit-bankruptcy-no-pension-cuts-police-and-fire-retirees <p></p><p>A major piece of the Detroit bankruptcy puzzle fell into place today.</p><p>The city reached a deal with the group representing Detroit's police and fire retirees. The deal means no cuts to monthly pension checks for retired officers and firefighters.&nbsp;</p><p>We were joined by Michigan Radio's Sarah Cwiek in Detroit.&nbsp;</p><p><em>Listen to the full interview above.&nbsp;</em></p> Tue, 15 Apr 2014 20:54:06 +0000 Stateside Staff 17239 at http://michiganradio.org Detroit bankruptcy: No pension cuts for police and fire retirees Detroit bankruptcy mediators announce a deal with police and fire pensions http://michiganradio.org/post/detroit-bankruptcy-mediators-announce-deal-police-and-fire-pensions <p><span style="line-height: 1.5;">Mediators for the federal court overseeing Detroit's Chapter 9 bankruptcy&nbsp;say&nbsp;a deal has been reached between the city of Detroit and&nbsp;</span><span style="line-height: 1.5;">the Retired Detroit Police and Fire Fighters Association over&nbsp;</span><span style="line-height: 1.5;">pension and health benefits.</span></p><p><span style="line-height: 1.5;">The deal calls for no cuts to current pension benefits, but does cut future "cost of living" increases in their benefits.</span></p> Tue, 15 Apr 2014 17:07:19 +0000 Mark Brush 17234 at http://michiganradio.org Detroit bankruptcy mediators announce a deal with police and fire pensions Orr turns up the heat on Detroit pensioners; they push back http://michiganradio.org/post/orr-turns-heat-detroit-pensioners-they-push-back <p>Detroit pensioners are trying to turn up the heat on emergency manager Kevyn Orr Tuesday – just as he’s doing the same thing to them.</p><p>Protesters <a href="http://www.freep.com/article/20140401/NEWS01/304010160/Detroit-bankruptcy-pensions-cuts">filled the street in front of Detroit’s federal courthouse </a>on Tuesday to slam Orr’s proposed cuts to city pensions.</p><p>Orr filed a revised version of his bankruptcy restructuring plan there Monday. An earlier version, known formally as a plan of adjustment, was filed in February.</p> Wed, 02 Apr 2014 02:04:27 +0000 Sarah Cwiek 17070 at http://michiganradio.org Orr turns up the heat on Detroit pensioners; they push back Detroit bankruptcy judge delays reorganization plan trial, as city scrambles for creditor support http://michiganradio.org/post/detroit-bankruptcy-judge-delays-reorganization-plan-trial-city-scrambles-creditor-support <p><span style="line-height: 1.5;">&nbsp;</span></p><p>The judge overseeing Detroit’s bankruptcy case has<a href="http://www.detroitnews.com/article/20140306/METRO01/303060113/"> pushed a scheduled trial on the city’s reorganization plan back</a> by at least a month.</p><p>Judge Steven Rhodes had set a mid-June date trial date on the city’s proposed plan of adjustment. That plan is emergency manager Kevyn Orr’s basic road map for getting the city out of bankruptcy, and a key document in any municipal bankruptcy.</p> Sun, 09 Mar 2014 09:00:00 +0000 Sarah Cwiek 16773 at http://michiganradio.org Detroit bankruptcy judge delays reorganization plan trial, as city scrambles for creditor support Detroit's "plan of adjustment" on fast track as creditors line up to object http://michiganradio.org/post/detroits-plan-adjustment-fast-track-creditors-line-object <p>People who oppose Detroit’s plan to reorganize in bankruptcy have until the start of next month to file objections.</p><p>One group of about 20 residents, retirees and activists picked up the paperwork to do just that at federal offices in downtown Detroit Monday.</p><p>Reverend Charles Williams II and representatives from the National Action Network led the group of people looking to file individual objections to the city’s plan of adjustment.</p> Tue, 04 Mar 2014 02:32:07 +0000 Sarah Cwiek 16696 at http://michiganradio.org Detroit's "plan of adjustment" on fast track as creditors line up to object Pension cuts in Detroit's bankruptcy plan would be devastating and unfair http://michiganradio.org/post/pension-cuts-detroits-bankruptcy-plan-would-be-devastating-and-unfair <p><span style="line-height: 1.5;">Well, the shoe finally dropped last Friday, or maybe it was a hammer. At any rate, we now know the details of Detroit’s proposed bankruptcy “plan of adjustment,” and they include pension cuts. Pretty massive pension cuts. Most pensioners would see their monthly checks cut by 34%. Police and fire retirees, whose pension fund is in better shape, lose 10%.</span></p><p>For many, this would be devastating.&nbsp;<span style="line-height: 1.5;">Devastating, and unfair.</span></p><p><span style="line-height: 1.5;">There’s no doubt that Detroit’s pension funds were poorly managed. There’s also no doubt that the city was too liberal in its pension policy.</span></p><p>There are some folks who spent 30 years in a low-stress clerical job, and then were able to retire, move to Florida and collect a pension for life starting at age 52. That policy doesn’t make any sense even if the city of Detroit could afford it, and it never could.</p><p>My guess is that in the future, there won’t be any pensions for new city workers, just a defined contribution savings plan. Mon, 24 Feb 2014 15:39:52 +0000 Jack Lessenberry 16573 at http://michiganradio.org Pension cuts in Detroit's bankruptcy plan would be devastating and unfair In this morning's headlines: Gay marriage, meth bills, Detroit pensions http://michiganradio.org/post/mornings-headlines-gay-marriage-meth-bills-detroit-pensions <p><strong>Same sex marriage trial </strong></p><p>Michigan’s ban on same-sex marriage goes on trial this week in Detroit. The case involves a lesbian couple who want to get married so they can jointly adopt the special needs children they’re raising together.</p><p><strong>Bills to crack down on meth move forward</strong></p><p>"Legislation to stop the sale of ephedrine or pseudoephedrine to people convicted of methamphetamine-related crimes is moving ahead in Lansing. The state Senate last week overwhelmingly approved bills to alert Michigan stores not to sell cold medicine containing the popular ingredients for meth production to criminals convicted of meth offenses," the Associated Press reports.</p><p><strong>Bankruptcy plan gives safety net for pensioners</strong></p><p>"[Detroit's] bankruptcy plan calls for cutting pensions for general city retirees by up to 30 percent. But this fund would give some of that money back to pensioners who fall close to the federal poverty line," Sarah Hulett reports.</p><p> Mon, 24 Feb 2014 12:18:04 +0000 Michigan Radio Newsroom 16570 at http://michiganradio.org In this morning's headlines: Gay marriage, meth bills, Detroit pensions State leaders hope to join in on 'Grand Bargain' for Detroit pensions and the DIA http://michiganradio.org/post/state-leaders-hope-join-grand-bargain-detroit-pensions-and-dia <p><strong><span style="line-height: 1.5;">Update 5:00 p.m. f</span><span style="line-height: 1.5;">rom Rick </span>Pluta<span style="line-height: 1.5;">:</span></strong></p><p><span style="line-height: 1.5;">Governor Rick Snyder has proposed committing up to $350 million to help mitigate cuts to Detroit pension benefits – as well as keep assets of the Detroit Institute of Arts off the auction block.</span></p><p></p><p>The state’s offer would play out over 20 years and would match money raised from private donations to make sure DIA paintings, sculptures, and other works of art don’t get sold off to pay pension benefits that are central to the bankruptcy negotiations.</p><p></p><p>“This is not bailout,” he said. “This is a settlement. I want to be very clear about that.”</p><p></p><p>Snyder said one of the conditions would have to be creditors dropping any legal claims to DIA asserts.</p><p></p><p>“This is not geared toward the bondholders, bankers, or people on Wall Street,” he said. “This is geared towards Michiganders that worked really hard in our state and have a pension and are looking at a difficult situation – how do we improve that situation?”&nbsp;</p><p></p><p>The governor says he hopes the state’s offer will help move the city through bankruptcy more quickly, which would be a good deal for the state.</p><p></p><p>The proposal must still be adopted by the Legislature. Republican leaders say hearings will begin very soon.</p><p></p><p>“We have some questions, some ‘t’s’ that need be crossed, some ‘i’s’ that need to be dotted, but in general is something that’s very positive and being received that way,” said state Senate Majority Leader Randy Richardville (R-Monroe). “So, we will consider it over the next few weeks. We will look in detail, and consider it as best we can.”</p><p></p><p>The governor’s offer came as Detroit bankruptcy judge Steven Rhodes refused to allow an evaluation of DIA assets to go ahead. Detroit’s creditors could still challenge the plan in bankruptcy court.</p><p></p><p>The state’s share would match contributions from private donors. It would come from money the state gets annually from the 1998 nationwide settlement between states and tobacco companies. The plan will be part of the governor’s budget proposal to be delivered Feb. 5.</p><p><strong>Update 4:44 p.m.</strong></p><p>Gov. Snyder and&nbsp;<span style="line-height: 1.5;">Sen. Majority Leader Randy&nbsp;</span><span style="line-height: 1.5;">Richardville</span><span style="line-height: 1.5;">&nbsp;(R-Monroe), and Speaker of the House&nbsp;</span><span style="line-height: 1.5;">Jase</span><span style="line-height: 1.5;">&nbsp;</span><span style="line-height: 1.5;">Bolger</span><span style="line-height: 1.5;">&nbsp;(R-Marshall) announced that they plan to support legislation aimed at saving Detroit pensions and DIA art.</span></p><p><span style="line-height: 1.5;">From their <a href="http://www.michigan.gov/snyder/0,4668,7-277--320046--,00.html">press release</a>:</span></p><blockquote><p><span style="line-height: 1.5;">Snyder, Senate Majority Leader Randy Richardville and House Speaker Jase Bolger announced they are working with the Michigan state legislature to allocate up to $350 million over the next 20 years to be combined with funds raised by private Michigan foundations to assist in saving retiree pensions.&nbsp;The governor recommends these state funds would come from tobacco settlement revenues...</span></p><p>“We are working on a fiscally sound mediation solution with clear conditions.&nbsp; We will not participate in a bailout, nor allow these funds to go anywhere other than directly to retiree pensions,” said Snyder.&nbsp; “This is an opportunity to work together to find solutions that will allow Detroit to get on a firm foundation faster, help pensioners, and ultimately save the Michigan taxpayers millions in the long run.&nbsp; I want to applaud the foundations for taking this unprecedented and generous step and the mediators for facilitating these discussions.”</p></blockquote><p><span style="font-family: Arial, Helvetica, sans-serif; line-height: normal;">Snyder said there would be "strict conditions on any funds allocated towards the settlement." Money from the state, he said, must solely go toward pensions and that "independent fiduciaries manage the pension funds going forward."</span></p><p><span style="font-family: Arial, Helvetica, sans-serif; line-height: normal;">Detroit's emergency manager released a statement after today's announcement saying in part:</span></p><blockquote><p><span style="line-height: 1.5;">"The level of proposed investment by the philanthropic community and the State will go far in helping reach a timely and positive resolution of the City's financial emergency.&nbsp; A mutually agreed resolution to outstanding bankruptcy issues is the best way to help the City restore basic and public safety services to its 700,000 residents. &nbsp;It is now time for the remaining parties to set aside the bargaining rhetoric and step forward and join this settlement to help this great city regain its footing and become once again an attractive place to live, work and invest."</span></p></blockquote><p><span style="font-family: Arial, Helvetica, sans-serif; line-height: normal;">MPRN will have more for us later.</span></p><p><strong>11:43 a.m.</strong></p><p>Many political deals have been dubbed a "grand bargain."</p><p>This "grand bargain" involves private money and potential state money to save Detroiters' pensions and the artwork at the Detroit Institute of Arts.</p><p>This morning federal mediators involved in the Detroit bankruptcy <a href="http://mediad.publicbroadcasting.net/p/michigan/files/201401/Federal_Mediators_Statement.pdf">released a statement</a>&nbsp;<span style="line-height: 1.5;">saying in part:</span></p><blockquote><p><span style="line-height: 1.5;">"We are advised that the governor of the State of Michigan, Rick Snyder, intends to announce soon his support for significant state participation in the plan to help protect the pensions of city of Detroit retirees, support the </span>DIA<span style="line-height: 1.5;">, and revitalize the city in the aftermath of the bankruptcy. The governor &nbsp;has indicated that he will engage with the Michigan Legislature to help secure this support for the plan."</span></p></blockquote><p>Gov. Snyder is expected to hold a press conference at 3:30 announcing more details of the plan.</p><p>He'll be joined by Sen. Majority Leader Randy Richardville (R-Monroe), and Speaker of the House Jase Bolger&nbsp;(R-Marshall). It's a sign that these legislative leaders are supportive of the plan.</p><p>Chief bankruptcy mediator Judge Gerald Rosen struck a deal with private foundations that pledged more than $300 million to help Detroit solve the pension/art problem.</p><p>With that money pledged, state leaders took note and are deciding whether to try to match the money pledged by the foundations.</p><p><a href="http://michiganradio.org/post/gov-snyder-proposes-350-million-state-aid-detroit">Earlier reports</a> stated that the plan calls for sending Detroit $350 million over 20 years.&nbsp;</p><p>We'll find out more details later today.</p><p>How Michigan legislators will react to this plan is anyone's guess. In their statement, federal mediators urged that "all parties approach the issue with an open mind."</p><p> Wed, 22 Jan 2014 21:44:56 +0000 Mark Brush 16133 at http://michiganradio.org State leaders hope to join in on 'Grand Bargain' for Detroit pensions and the DIA In this morning's headlines: Power in Flint City Council, Detroit swap deal, MEAP tests http://michiganradio.org/post/mornings-headlines-power-flint-city-council-detroit-swap-deal-meap-tests <p><strong>Flint City Council could gain power back today</strong></p><p>The Flint city council has been largely powerless in the two years since the appointment of an emergency manager. But that begins to change this evening. Emergency manager Darnell Earley says the City Council will now be asked to get<a href="http://michiganradio.org/post/flint-city-council-start-path-self-governance"> more involved</a> in city decisions.</p><p><strong>Detroit swap deal to resume today</strong></p><p>"A bankruptcy court hearing on Detroit's renegotiated deal to pay off two banks in an interest rate swaps deal is scheduled to resume today," The Associated Press reports.</p><p><strong>Lawmakers to discuss which standardized test students will take this year</strong></p><p>"State lawmakers will begin hearings this week to determine which standardized test Michigan students will take starting next spring. State education officials say the Smarter Balanced Assessment is the only good option to replace the Michigan Educational Assessment Program – or MEAP," Jake Neher reports.</p><p> Mon, 13 Jan 2014 12:34:30 +0000 Michigan Radio Newsroom 15991 at http://michiganradio.org In this morning's headlines: Power in Flint City Council, Detroit swap deal, MEAP tests