On April 1, the largest demonstration by retirees and citizens of the City of Detroit took place outside a city bankruptcy court to call for a ?No? vote and to announce plans to force the city to shut down one month later. The protest was in opposition to the city?s Emergency Manager Kevyn Orr?s handling of the bankruptcy filing thus far. The most recent Plan of Adjustment (PoA) cuts to pensions, annuities, and healthcare benefits by up to 60%. The PoA was filed on May 31 and in its Disclosure Statement threatened deeper cuts should the plan fail to get a favorable vote. In his argument for the cuts, Mr. Orr argues that annuities with fixed rates are irresponsible and that only market rates should be used. Part of the outrage at the new plan is how little it punishes the irresponsible actions of companies that contributed to the Great Recession which tanked the pension fund?s value and that the city is still doing business with. Hundreds have filed official objections to Mr. Orr?s PoA, with many more expected to file before the April 28 deadline.
See "Thousands of retirees, residents march at Detroit bankruptcy court, send out call to shut city down May 1", Diane Bukowski, Voice of Detroit, April 2, 2014