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Orr Outlines Pension-cut Plans For Detroit Workers | Crain's Detroit Business

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Detroit emergency manager Kevyn Orr speaks after a meeting with creditors in Romulus, Mich., Friday, June 14, 2013. Orr says the city is defaulting on about $2.5 billion of debt. Orr said that Detroit is asking creditors to take about 10 cents on the dollar of what they're owed. Under-funded pension claims will get less. (AP Photo/Paul Sancya) | AP

Detroit workers not already vested in a city pension would be excluded and many retirees would be moved to federal health-care programs under cost cuts emergency manager Kevyn Orr outlined for union leaders Thursday.

For those covered by a plan, benefits would be frozen and some would be switched to 401(k)-like defined-contribution savings accounts, under Orr's proposal.

Read the whole story at Crain's Detroit