JOURNAL ARTICLE
Decade after Detroit's bankruptcy, city employees grapple with retirement insecurity and healthcare concerns.
Published In: Fortune.com, 2023. P. N.PAG 1 of 3
Database: Business Source Ultimate 2 of 3
Authored By: Williams, Corey 3 of 3
Abstract
The article focuses on the ongoing economic recovery of Detroit following its historic bankruptcy filing in 2013, which made it the largest U.S. city to declare bankruptcy. While the city has achieved balanced budgets and improved services, many former city employees, like firefighter Mike Berent, feel left behind due to reduced pension benefits and the loss of city-funded healthcare. The bankruptcy, overseen by Kevyn Orr, involved significant restructuring of the city’s debt and pension obligations, with efforts from businesses and foundations to mitigate the impact on retirees. Despite visible improvements in neighborhoods and downtown, concerns remain about the sustainability of the pension systems as the city prepares to resume contributions after a decade of no payments. [Extracted from the article]
Additional Information
- Source:Fortune.com. 2023/07, pN.PAG
- Document Type:Article
- Subject Area:History
- Publication Date:2023
- Accession Number:164983708
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