On Dec. 10, Michigan Gov. Rick Snyder (R) announced that beleaguered Detroit is emerging from bankruptcy. This came two days after Detroit Emergency Manager Kevyn Orr issued his final order.
Orr’s final order affirms the changes that have been made and agreed to regarding Detroit’s pension plan. The Combined Plan for the Police and Fire Retirement System of the City of Detroit went into effect on July 1, 2014.
Orr has recommended the city’s receivership be terminated, and has announced that with the improvement of the city’s fortunes, he is resigning from his post.
Snyder, in a news release, hailed the changes in Detroit’s finances: “Our state’s largest city has moved through this historic bankruptcy to move toward a brighter future.” In his letter accepting Orr’s determination, Snyder thanked him for his service, “which has been extraordinary and transformative for the city of Detroit and our state as a whole.”