Wed February 27, 2013
Providence Sues Pension Adviser
The City of Providence is suing its longtime actuary, claiming the company made a $10 million mistake in pension calculations.
The city’s lawsuit in U.S. District Court seeks almost $11 million dollars in damages, plus lawyers’ fees, from Buck Consultants. The story was first reported by Channel 12.
Buck Consultants was hired by the city in 2011 to provide an estimate on savings from changes to Providence’s pension system.
The city’s lawsuit alleges Buck made “fundamental and inexcusable errors” in making the calculations.
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