Pension safety net won't help City of Detroit retirees

The Detroit Free Press reports:

The city of Detroit’s financial crisis will chug along on many of the same roads taken by big-name companies that underwent major bankruptcies. Tough talk with creditors, unsettling restructuring moves, unhappy times for retirees. But unlike big business, the city of Detroit’s pension problem doesn’t have the backstop of the Pension Benefit Guaranty Corp. There’s no so-called rescue ahead for retirees by the PBGC. It’s all about emergency manager Kevyn Orr reaching a negotiated compromise, settling the score in bankruptcy court or taking on a longer legal battle to deal with pension payments, the experts say.

Just a reminder.