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Tue July 30, 2013
Detroit and other Michigan municipalities are behind in pension and retiree health care obligations
By now you’ve heard a bit about Detroit’s Chapter 9 bankruptcy filing. About half of Detroit’s nearly $20 billion in debt is due to shortfalls in the funds for retiree’s benefits. According to emergency manager Kevyn Orr’s estimates, the pension funds are behind by about $3.5 billion and behind in retiree health care funds by about $5.7 billion.
Detroit is not unique in its unfunded pension and retiree health care obligations. Other municipalities in the state are also behind.
Anthony Minghine is the chief operating officer of the Michigan Municipal League. He joined us today.
Listen to the full interview above.