PROVIDENCE, R.I. -- Superior Court Judge Sarah Taft-Carter ruled Monday afternoon that pension changes already agreed to by Providence retirees and current firefighters and police officers are a "fair, adequate and reasonable settlement."
Taft-Carter said the agreement is a laudable example for other cities and towns, citing the process and negotiations, and that of the more than 1,300 retirees, she had received only 14 written objections.
In a statement Monday afternoon, Mayor Angel Taveras agreed and offered thanks to all who were part of the process of reaching the agreement.
Mayor Angel Taveras negotiated the changes, projected to save $18.5 million this fiscal year, in 2012. They include a 10-year suspension of the cost-of-living increases to their pensions and eliminating the 5- and 6-percent compounding cost-of-living raises that some retirees have received.
In exchange, the city will pay at least 95 percent of its annual required contribution every year until the retirement system is 80 percent funded. It is currently 35 percent funded.
Retirees may opt out by April 1. Only 5 have opted out so far.
Taft-Carter's ruling today is part of the still-needed approvals, which may all be received by mid-April.
An earlier version of this report was posted at 11:21 a.m. and updated at 3:42 p.m.
TAVERAS OFFERS THANKS: Providence Mayor Angel Taveras called Judge Taft-Carter's ruling a significant procedural step in the legal process to finalize Providence’s pension agreement in a written statement Monday afternoon. “I am thankful that Judge Taft-Carter agrees our pension settlement is a laudable example for other municipalities to follow. The City of Providence owes a tremendous debt of gratitude to our municipal employees, police officers, firefighters and retirees. I also thank City Council President Michael Solomon and the entire Providence City Council for their support of pension reform,” Taveras said.
Updated March 11, 2013 4:29 PM