Wednesday, November 12, 2014
Foundation to Move Funds to Detroit Pensions
Exactly how will millions in private dollars in the "grand bargain" make its way into the city's public pension system?
That's the charge of the Foundation For Detroit's Future, a nonprofit created to collect $366 million committed by 12 private foundations for the "grand bargain" and disperse the money into the General Retirement System and the Police and Fire Retirement Systems.
Aimed at softening pension cuts and preserving the Detroit Institute of Arts collection from creditors, the grand bargain is a key piece of the city's plan to end the biggest municipal bankruptcy in U.S. history....