CHICAGO — Detroit emergency manager Kevyn Orr said last week he wants to freeze the city's two pension funds by the end of the year and shift employees into 401(k)-style plans.

The announcement came a few days before the public release of an unflattering three-month investigation into the city's two employee retirement systems. The Detroit auditor general and inspector general jointly wrote the report, which is preliminary and will be followed by a fuller investigation over the next several months.

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