Detroit retirees to see pension cuts starting Monday: 4.5% Cut

The Detroit Free Press reports:

City of Detroit retirees covered by the general retirement system are beginning to see pension cuts take effect with their March check.

Retirees reported that they received notices in the mail on Friday. The March checks, as well as paperwork for those who use direct deposit, show that the cuts are taking place now.

The March 1 date had been targeted as the time to begin the cuts, though some earlier reports suggested the move might have been delayed until April 1.

Following the city's exit out of bankruptcy, retirees who had worked for the water department, bus system and other general city departments, will now see at least a 4.5% cut to their pension checks.

History in the making.