detroit retiree http://michiganradio.org en One week until deadline to vote on Detroit's bankruptcy settlement. Where do things stand? http://michiganradio.org/post/one-week-until-deadline-vote-detroits-bankruptcy-settlement-where-do-things-stand <p></p><p><span style="line-height: 1.5;">The clock is ticking.</span></p><p>Detroit's bankruptcy settlement has gotten through the State Legislature and the private foundations. Now it's all up to 32,000 city employees and retirees.</p><p>They're being asked to say "yes" to having their pensions cut, and promising not to sue the city.</p><p>In return, the pension cuts will not be as severe as they would be under what's become known as the Grand Bargain.</p><p>Michigan Radio's Detroit reporter Sarah Cwiek joined us on Stateside. She explained the transparency issue surrounding the voting process, what the different classifications of retirees mean, and what we should keep our eyes on, during next week leading up to the July 11<sup>th</sup> deadline.</p><p><em style="margin: 0px; padding: 0px; border: 0px; font-size: 15px; vertical-align: baseline; color: rgb(51, 51, 51); font-family: Georgia, Times, serif; line-height: 22px;">*Listen to full interview above.</em></p><p> Fri, 04 Jul 2014 13:49:12 +0000 Stateside Staff 18262 at http://michiganradio.org One week until deadline to vote on Detroit's bankruptcy settlement. Where do things stand? Detroit wins "grand bargain," but questions remain http://michiganradio.org/post/detroit-wins-grand-bargain-questions-remain <p></p><p><span style="line-height: 1.5;">It was a big win for Detroit's bankruptcy struggle when the state Senate approved that $195 million rescue package earlier this week. That vote "sealed the deal" on the state's piece of the so-called "grand bargain."</span></p><p>But is the complicated and precarious deal a reality yet?</p><p>As Detroit News business columnist <a href="http://www.detroitnews.com/section/OPINION0301">Daniel Howes</a> explained on the show today, the answer is "no."</p><p><em style="margin: 0px; padding: 0px; border: 0px; font-size: 15px; vertical-align: baseline; color: rgb(51, 51, 51); font-family: Georgia, Times, serif; line-height: 22px;">*Listen to the full interview above.&nbsp;</em></p><p></p><p> Thu, 05 Jun 2014 22:27:47 +0000 Stateside Staff 17883 at http://michiganradio.org Detroit wins "grand bargain," but questions remain 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 Now it's up to Lansing to make Detroit's "grand bargain" work http://michiganradio.org/post/now-its-lansing-make-detroits-grand-bargain-work <p>Now that <a href="http://www.freep.com/article/20140416/NEWS01/304160130/Detroit-pension-board-general-cut">Detroit’s bankruptcy is moving along</a>, Gov. Rick Snyder is moving to secure the state’s end of a so-called “grand bargain.”</p><p>It would use $816 million to minimize city pension cuts, and protect the Detroit Institute of Arts from potential liquidation to pay off creditors.</p> Thu, 17 Apr 2014 11:00:00 +0000 Sarah Cwiek 17263 at http://michiganradio.org Now it's up to Lansing to make Detroit's "grand bargain" work Former Wayne State professor donates $5 million to the DIA and Detroit retirees http://michiganradio.org/post/former-wayne-state-professor-donates-5-million-dia-and-detroit-retirees <p>There's been a new development in the unfolding story about Federal Judge Gerald Rosen and his bid to protect the DIA collection and the pensions of Detroit city retirees.</p><p>Judge Rosen is serving as the mediator in the Detroit bankruptcy case. We've heard how he is trying to craft together a plan wherein at least 10 national and local charitable foundations would chip in to create a $500 million fund, a fund that could be leveraged to not only protect the DIA treasures but to lessen the pain of retiree pension cuts.</p><p>Late last week, a former Wayne State Chemistry professor stepped forward with an offer.</p><p>Dr. A. Paul Schaap developed a molecule that created light through chemistry. His discovery proved very useful in a wide range of medical tests. He then founded the company Lumigen, and he made many millions as a biotech entrepreneur.</p><p>Over the years, Paul Schaap has given many millions back to Wayne State, to Hope College, to professors and researchers. Now, Paul Schaap is donating $5 million to help the DIA and the city retirees.</p><p>Dr. A. Paul Schaap joined us today.</p><p><em>Listen to the full interview above.</em></p><p> Mon, 09 Dec 2013 21:21:19 +0000 Stateside Staff 15606 at http://michiganradio.org Former Wayne State professor donates $5 million to the DIA and Detroit retirees The 10 Michigan communities with the highest legacy costs http://michiganradio.org/post/10-michigan-communities-highest-legacy-costs <p><span style="line-height: 1.5;">To call Detroit’s legacy costs underfunded would be, well, an understatement.</span></p><p>According to the city’s numbers, Detroit’s pension and retiree healthcare funds are about $9.2 billion short.</p><p>But Detroit is not the only Michigan city with major legacy costs — not by a long shot.</p><p>Legacy costs, or costs undertaken by local government for future use, have been taken on by more than 280&nbsp;of Michigan’s 1,800 communities, <a href="http://bridgemi.com/2013/11/searchable-database-legacy-costs-in-your-community/">according to data compiled by Bridge Magazine</a>.</p><p>And while Detroit has the highest amount of total unfunded legacy cost, the per capita numbers show a slightly different picture.</p><p> Fri, 15 Nov 2013 20:59:58 +0000 Michigan Radio Newsroom 15308 at http://michiganradio.org The 10 Michigan communities with the highest legacy costs Could a private fund save both the DIA and public pensions? http://michiganradio.org/post/could-private-fund-save-both-dia-and-public-pensions <p>If anything’s clear coming from Detroit’s bankruptcy case it is this: the city needs new solutions.</p><p>Daniel Howes, Detroit News business columnist, wrote his column today on a proposal from Chief U.S. District Judge Gerald Rosen. Rosen is proposing a <a href="http://www.detroitnews.com/article/20131114/METRO01/311140048/">new private fund</a> that could have a major impact on the future of the Detroit Institute of Arts, the city’s retired workers and bankruptcy proceedings.</p><p><em>Listen to the full interview above.</em></p><p> Thu, 14 Nov 2013 21:20:05 +0000 Stateside Staff 15288 at http://michiganradio.org Could a private fund save both the DIA and public pensions? Detroit retiree health coverage OK through February http://michiganradio.org/post/detroit-retiree-health-coverage-ok-through-february <p>DETROIT (AP) - The city of Detroit is suspending a plan to change retiree health insurance, at least through February.<br /><br />Emergency manager Kevyn Orr says his staff will negotiate with a committee created to represent retirees during the city's bankruptcy case. He hopes it will lead to a long-term solution.<br /><br />The city had proposed shifting retirees to Medicare, effective Jan. 1. Retirees under age 65 would have been given a $125 monthly stipend to get their own insurance.<br /> Sat, 09 Nov 2013 19:36:00 +0000 Steve Carmody 15206 at http://michiganradio.org Detroit retiree health coverage OK through February