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Moody's Praises Detroit's Move to Set Aside Money For Pensions
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20 Mar 2017 04:34 PM EST

On Monday, Moody's Investor Services has said that the Detroit City Council's approval this month of a special fund that covers pension payments, is a positive credit move. However some concerns still remain over the availability of money to cover retirement benefits. The council approved Mayor Mike Duggan's proposal to deposit $377 million into a trust fund by the end of fiscal 2023 to help Detroit cover higher-than-expected pension payments. In a report, Moody's said, "This credit positive action will improve the city's capacity to meet the upcoming pension contribution hike."

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