Prov. police approve pension settlement

PROVIDENCE, R.I. (WPRI) - Active members of the Providence Fraternal Order of Police voted Thursday to approve the pension settlement with the city.

Eyewitness News has learned that 89 percent of officers voted in favor of the agreement.

Providence Mayor Angel Taveras struck the historic deal with city workers and retirees back in May.

“If this deal is approved, I believe that it not only saves our pensions but saves our city,” said Taveras.

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The pension deal is between the city and its union workers, firefighters and police officers.

It allows the city to cap pensions to suspend cost-of-living adjustments (COLAs) for 10 years and to eliminate 5% and 6% compounded COLAs permanently. The agreement also moves retirees to the federal Medicare system.

Three of the four stakeholders in the deal - the Local 1033 union, the firefighters union and the retirees - have accepted the deal, though there was some confusion Thursday about whether further votes will be needed.

The fourth stakeholder, 428 active members of the police union, are set to vote on it between 2 p.m. and 7 p.m Thursday.

The idea behind the settlement is to stabilize the city’s dangerously underfunded retirement system.

“If this is accepted by them and approved by them, than we can look at a much brighter future for our city,” added Taveras.

The deal now rests on the votes of the city's firefighters, which according to Union President Paul Doughty, will be cast in two weeks.