Detroit Asks to Push Legacy Pension Payment Schedule by 10 Years

Facing a $131 million annual pension bill due in July 2023, Detroit Mayor Mike Duggan’s administration filed a lawsuit to request city pension funds extend by 10 years its repayment schedule from 20 to 30 years.

The lawsuit filed in U.S. Bankruptcy Court says a more extended payment plan would cost the city less over an additional decade as it approaches the “pension cliff” when it must resume payments.

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