Snyder Proposes $350M Plan to Save Detroit Pensions

In a press conference today, Governor Rick Snyder revealed that the state of Michigan would pledge $350 million over the next twenty years to help Detroit out of bankruptcy. The money would be used for Detroit’s pension fund and to help stave off the possibility of selling DIA art collections. Though the Governor has some supporters of the proposed plan –  among them, House Speaker Jase Bolger and Senate Marjority Leader Randy Richardville, who appeared next to Snyder during the conference – there are some who aren’t sure of the effectiveness of the plan. Senator Rick Jones of Grand Ledge, for instance, said he’s “not prepared to vote for mid-Michigan tax dollars to go to

Jase Bolger, Randy Richardville, Governor Snyder

House Speaker Jase Bolger and Senate Majority Leader Randy Richardville appeared at the press conference with Governor Rick Snyder

Detroit.” The Governor is clear, however, that “this is a settlement; this is not a bailout.” One clear fan of the proposed plan is Kevyn Orr, Detroit’s Emergency Manager. In a statement following the Governor’s press conference, Orr states, “The level of proposed investment by the philanthropic community and the State will go far in helping reach a timely and positive resolution of the City’s financial emergency.”

To view Governor Snyder’s press conference, click here.

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