Tue March 12, 2013
Providence and Unions Reach Pension Agreement
A Superior Court judge has approved pension settlement in Providence with retirees and current workers. Judge Sarah Taft-Carter is expected to finalize the agreement next month.
The Providence pension settlement includes freezing cost of living adjustments, scaling back future benefits and moving retirees over to Medicare.
In her decision, Taft-Carter calls the settlement fair, reasonable, and adequate. Providence Mayor Angel Taveras calls the approval a significant step to finalizing the city’s pension agreement.
Taveras says the decision clears the way for pension overhaul to move ahead in Providence, and marks an important milestone in the city’s fiscal recovery. The mayor says he’s thankful Taft-Carter agreed the city’s pension settlement is a good example for other municipalities.
The agreement came about after Taft-Carter ordered the two sides to mediate their differences. That’s in contrast to an overhaul of the statewide pension plan made by the General Assembly in 2011. Mediation is continuing in that case.
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