Michigan’s governor, Rick Snyder, unveiled his plan to contribute $350m in state funds to Detroit’s pension funds to help save DIA’s art. The funds would overmatch $330m pledged from foundations to resolve the city ownership of some of DIA’s most famous works:
“This is a settlement; this is not a bailout,” Snyder said at a news conference.
The governor said the money would come from the state’s tobacco settlement funds and would be conditional on “independent fiduciary management” of Detroit pension funds. It also would have to be part of a settlement of the bankruptcy that ended court cases, he said.
And he said that by pledging it as part of an overall settlement, the state would head off what could be years of costly litigation.
“Let’s put this behind us so we don’t have ongoing lawsuits … so we all can focus on growing Detroit,” Snyder said.
The state money “will not make retirees whole but it will significantly reduce the burden they would otherwise face,” Snyder said, flanked by GOP legislative leaders.
Snyder: State would pledge $350M to save Detroit pensions, DIA artwork (Detroit Free Press)
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