The proposed settlement of Rhode Island’s pension conflict is slated for discussion Wednesday by the state retirement board.
An agenda for the meeting indicates the Employees Retirement System may discuss the pension issue during a closed executive session.
A settlement to end most of the court challenges to the 2011 overhaul of the state pension system was unveiled last Thursday. Governor Gina Raimondo says the deal preserves more than 90 percent of the savings from the 2011 overhaul.
The next court update on the settlement process is slated for Monday.
A proposed settlement agreement has been reached on public employee pensions. Gov. Gina Raimondo says she’s pleased with the deal.
The settlement agreement resolves six of nine lawsuits against the state of Rhode Island over retirees’ pensions. It preserves most of the savings Raimondo won from an earlier pension overhaul. But it gives back some benefits to retirees. Now, says Raimondo, the state can begin to put the issue in the rear view mirror.
A Superior Court judge has set a timeline to move forward with a settlement in the court case over the state pension overhaul.
The agreement still needs approval from the General Assembly, and it would not completely end the long-running legal dispute. The deal would cost taxpayers roughly $32 million more each year to pay for pension costs, while preserving, according to Governor Gina Raimondo, about 90 percent of the savings from the pension overhaul she spearheaded in 2011.
A settlement to Rhode Island's pension conflict may be announced Thursday.
House Speaker Nicholas Mattiello said through his spokesman that a settlement may be at hand. The state has offered modest improvements on a settlement offer rejected last year in an attempt to end the pension dispute. Hanging in the balance is $4 billion in savings for the state pension plan.
In a new report, investment research firm Moody's says more Rhode Island cities are looking into shifting retirees into health plans on the online health insurance exchange to save money. That's just one of several strategies cities are considering to deal with rising health care costs.