Moody's Praises Detroit's Move to Set Aside Money For Pensions
Wochit Headline News - Monday, 20 March 2017
On Monday, Moody's Investor Services has said that the Detroit City Council's approval this month of a special fund that covers pension payments, is a positive credit move. However some concerns still remain over the availability of money to cover retirement benefits. The council approved Mayor Mike Duggan's proposal to deposit $377 million into a trust fund by the end of fiscal 2023 to help Detroit cover higher-than-expected pension payments.