Detroit Emergency Manager Welcomes State Commitment to Help Shore-Up City's Public Employee Pensions

DETROIT, Jan. 22, 2014 /PRNewswire/ -- Kevyn Orr, the Emergency Manager for the City of Detroit (Detroit or the City) today issued the following statement after Michigan Governor Rick Snyder and state legislative leaders announced plans to support an historic settlement to help shore up the City's public employee pension funds:

"With today's announcement by the Governor and legislative leaders, we now have an unprecedented commitment of public and private resources to help the City of Detroit fulfill its commitments to retirees and preserve one if its cultural jewels, the Detroit Institute of Arts. 

"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.  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.  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."

SOURCE City of Detroit