The state retirement board voted in closed session Friday afternoon to approve a proposed pension settlement. The board met in executive session for nearly an hour, ending in a vote of 6 – 1, with 5 abstentions.
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."
Cranston Mayor Allan Fung announced an agreement Monday to improve the condition of one of the worst funded municipal pensions in the state.
Fung says the deal will save Cranston $6.5 million in pension costs over the next fiscal year while solving a lingering problem.
“This issue has been an albatross over the city for decades, close to half a century, and this agreement shows the progress that can be made when all parties come together in a spirit of cooperation,” said Fung.