Now that the Detroit bankruptcy has been settled and all the back-slapping, hand-clapping celebrations are over, the reality sets in for the city pensioners.
Pension and benefit reductions cuts for about 20,000 retirees in the city's two pension funds began showing up Saturday in the monthly checks of Detroit retirees, Christine Ferretti reports in The Detroit News.
"There have been a lot of accolades about the speedy exit from bankruptcy and applause for those involved in the settlements," Bruce Babiarz, a spokesman for the city's Police and Fire Retirement System, said in a statement Friday, according to The News.
"While the celebrations of the bankruptcy exit may be winding down, the reality of reduced pension checks will take effect in March."
