The board of one of Detroit's two pension funds agreed yesterday to urge its members to vote in favor of the city's plan to adjust $18 billion of debt and exit the biggest municipal bankruptcy in U.S. history, Reuters reported yesterday. Detroit's General Retirement System (GRS) said that it will mail a letter early next week to current workers, retirees and other beneficiaries recommending a favorable vote and outlining the rationale for that recommendation. "The board of trustees believes that the proposed (plan of adjustment) represents the best interests of GRS members, retirees and beneficiaries and further represents the best and most prudent option for maximizing the preservation of retirement benefits," the board said in a statement. In May, the city mailed ballots to about 20,200 members of the system soliciting a vote on the plan by a July 11 deadline set by a U.S. Bankruptcy Court judge. About 3,200 of those ballots contained erroneous information and had to be resent.
