Detroit has reached a tentative agreement with one group of retirees, according to reports on WXYZ.
Trustees of Retired Detroit Police and Firefighters Association will take a ratification vote on the deal on Tuesday.
Sources say they have new cost of living adjustments in pensions, more money for retiree health care and softer pension cuts after marathon closed-door talks over the weekend.
If the deal is ratified, the group would endorse Detroit’s plan of adjustment in bankruptcy and it would give the city more leverage in a cram down of terms in court this summer.
Fox 2 reports hundreds of Detroit police officers and firefighters say they plan to retire immediately if they are forced to take a greater wage cut.
Matt Gnatek, a Detroit police officer and a pension board member, tells FOX 2 as many as 500 public safety members are ready to leave the job tomorrow. “Good luck finding someone to do this job for 14 dollars an hour,” he says.