Detroit Gets Kevyn Orr As Emergency Manager The New York Times Kevyn orr, detroit's state appointed emergency manager, testified on monday that he did not mean to mislead city retirees when he said during a june 10 public meeting that pension. "i wasn't attempting to mislead anyone. i was trying to say we understood these issues around pensions," orr said. "what would you say to that retiree now about his rights?".
Detroit Gets Kevyn Orr As Emergency Manager The New York Times Detroit — detroit's emergency manager said monday that he did not intend to mislead city workers and retirees june 10 when he said pensions were untouchable. "kevyn orr, detroit's state appointed emergency manager, testified that he did not mean to mislead city retirees when he said during a june 10 public meeting that pension rights were 'sacrosanct' under michigan's constitution . 'i was trying to say we understood these issues around pensions,' orr said. The city’s financial emergency manager, kevyn orr, argued the city could not emerge from insolvency without modifying these long term obligations. this proposal met immediate, fierce resistance from thousands of retirees and public sector unions. Orr, who represented automaker chrysler llc during its successful restructuring, has said the city is saddled with $18 billion in long term debt. in the days leading up to the bankruptcy filing, retirees sued, claiming their pensions are protected by the constitution and are at risk in a bankruptcy.
Protesters Decry Detroit S Emergency Financial Manager The city’s financial emergency manager, kevyn orr, argued the city could not emerge from insolvency without modifying these long term obligations. this proposal met immediate, fierce resistance from thousands of retirees and public sector unions. Orr, who represented automaker chrysler llc during its successful restructuring, has said the city is saddled with $18 billion in long term debt. in the days leading up to the bankruptcy filing, retirees sued, claiming their pensions are protected by the constitution and are at risk in a bankruptcy. On friday, city financial consultant kenneth buckfire said he did not have to recommend to orr that pensions for the city's retirees be cut as a way to help detroit navigate through debts. Kevyn orr said in a recent interview that at the current pace, the city’s general services system pension fund could lose its ability to pay pensions owed to current and future retirees within 12 years. A key claim made by attorneys representing the city's unions, retirees and pension funds is that orr and his team were intent on filing for bankruptcy and did not make best efforts to. Kevyn orr, the emergency manager, has indicated that cuts to pension benefits would be part of a detroit bankruptcy restructuring plan.
Pension Benefit Cuts Planned At T V A Breaking A Federal Firewall On friday, city financial consultant kenneth buckfire said he did not have to recommend to orr that pensions for the city's retirees be cut as a way to help detroit navigate through debts. Kevyn orr said in a recent interview that at the current pace, the city’s general services system pension fund could lose its ability to pay pensions owed to current and future retirees within 12 years. A key claim made by attorneys representing the city's unions, retirees and pension funds is that orr and his team were intent on filing for bankruptcy and did not make best efforts to. Kevyn orr, the emergency manager, has indicated that cuts to pension benefits would be part of a detroit bankruptcy restructuring plan.
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