Official Committee of Retirees selected for Chapter 9 Bankruptcy case

(WXYZ) - The Official Committee of Retirees selection process was finalized on Thursday.

The members were appointed to represent Detroit retirees in the city's Chapter 9 Bankruptcy negotiations.

The nine appointed members are Edward L. McNeil, Michael J. Karowski, Shirley V. Lightsey, Terri Renshaw, Robert A. Shinske, Donaled Taylor, Gail Wilson Turner, Gail M. Wilson and Wendy Fields-Jacobs.

The Detroit pensions are underfunded by $3.5 billion and the two Detroit city employee pensions face cuts in the Chapter 9 proceedings.

If Judge Steven Rhodes eventually rules against the retirees in court, they can still appeal.

Experts say any ruling will be huge, because it will set a legal precedent that could make all public employee pensions vulnerable where other cities are in financial trouble.

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