Legal

The rule amends PBGCs regulation on benefits payable in terminated single-employer plans.

The delay is reminiscent of the political gridlock that plagued Illinois for years as its credit rating sank.

As creditors prepare to vote on a plan to end Detroits $18 billion bankruptcy, the city still needs help from state lawmakers to pay its obligations while avoiding a fire sale of its fine art collection.

U.S. Bankruptcy Judge Steven Rhodes approved the citys disclosure statement and a plain language explanation of how pension and retiree health benefits for current and former city employees would change under the plan to shrink the citys $18 billion in debt.

The downgrade is the result of narrow operating reserves, below average income indicators and an elevated debt burden, due in part to retirement pensions for full-time firefighters and police officers.

Gains also are being driven by limits on cost-of-living adjustments, delayed retirement and more reliance on funding from workers.