Reuters/Rebecca Cook - The skyline of Detroit is seen looking south from the midtown area in Detroit, Michigan October 23, 2013.

Opinion

Why Detroit's Bankruptcy Spared Retirees

December 4, 2014, Joshua Gotbaum

Looking at how Detroit and Stockton, CA were able to get out of bankruptcy without elminiating retiree benefits, Josh Gotbaum explains that retirement benefits are essentially deferred compensation that the employer promises to workers, which makes it unlikely that cities would break those agreements.

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