In what Providence Mayor Angel Taveras calls a historic day, Superior Court Judge Sarah Taft-Carter gave final approval Friday for a deal that will reduce the capital city's $900 million+ unfunded pension liability by $178 million. The agreement followed negotiations between the city and police and fire unions and municipal retirees.
"Today is the end of a long, long road that we've traveled," Taveras said in an interview. "I feel a lot of relief and gratitude to all the employees and retirees especially who have agreed to help the city."
The mediation aimed at settling a legal challenge by a series of unions to the state pension overhaul of 2011 is set to continue through the month of February.
Superior Court Judge Sarah Taft-Carter met Friday morning with the two sides in the case, according to court spokesman Craig Berke. "They are going to continue to mediate," Berke said, adding that Taft-Carter is scheduled to get another update on February 28.