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.
- In-Depth: Providence Financial Crisis
- Timeline: How Providence was brought to the brink
- COLA Calculator: See the true price
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.
Copyright WPRI 12
Providence police are investigating a reported stabbing that happened early Sunday morning.
A house fire in Tiverton is under investigation after firefighters responded to a late night blaze on Main Road late Saturday night.
The city's Holiday Happenings Parade carried holiday cheer down County Street, as well as a local couple made famous by CBS's Amazing Race.
Need tickets for you and yours this holiday season? Today's your opportunity to take advantage of a one day sale.
Rhode Island state police say insurance giant MetLife Inc. is donating 130 digital cameras to strengthen police efforts to prevent and deter criminal activity, including insurance fraud.