Detroit 'grand bargain' bills pair $195M lump sum with 20 years of state oversight, pension reforms

Detroit 'grand bargain' bills pair $195M lump sum with 20 years of state oversight, pension reforms | MLive.com:
"LANSING, MI -- Michigan would send $195 million to Detroit, require it to move from pensions to 401k retirement plans and help oversee city finances for at least 20 years under "grand bargain" bankruptcy legislation introduced Monday in the state House.
The 11-bill package would tap the state's "rainy day fund" for a lump sum payment in order to speed up the city's exit from bankruptcy and minimize pension cuts for retirees.
"The consequences of not acting now would not only negatively impact Detroit, but negatively impact all of Michigan," House Speaker Jase Bolger (R-Marshall) said in a statement announcing the legislation.
"Detroit's successes and failures both have and will impact our entire state."
The package calls for creation of a 7-member "oversight commission" that would be tasked with monitoring city finances, budgets, debt issuance and revenues, according to a summary distributed by House Republicans."