Detroit Pension System to File Appeal of Government Ruling
Because it hurts them
After a closed-door meeting today in downtown Detroit, officials with the city's main pension plan said they are poised to file an appeal of Tuesday's decision that the city is eligible for bankruptcy.
The bankruptcy process will hurt the city's retirees and future retirees and must be stopped, said Michael VanOverbeke, general counsel for Detroit's General Retirement System, a pension plan with about 12,000 retirees and about 8,000 active employees.
