2014-04-16T214746Z_1_CBREA3F1OJS00_RTROPTP_2_USA-DETROIT-BANKRUPTCY

Detroit pension deal approved by one retirement system

Detroit's emergency manager Kevyn Orr gestures as he speaks during an interview with Thomson Reuters in New YorkThe board of Detroit’s General Retirement System on Wednesday approved economic terms of a settlement with the city that include cuts to pension benefits, putting in place another key component of Detroit’s effort to exit bankruptcy by October. The city also has reached a tentative pact with the city’s other pension fund, the Detroit Police and Fire Retirement System, whose board is expected to vote later this week. Together, the two pension funds represent some 23,000 active members and retirees. The settlements were incorporated into a new draft of the city’s bankruptcy plan, filed with the federal bankruptcy court late Wednesday, hours before U.S. Bankruptcy Judge Steven Rhodes was scheduled to hear objections to the proposed restructuring.

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