PROVIDENCE, R.I. (WPRI) - Providence retirees have agreed to a new pension deal with the city, according to our news partners at The Providence Journal.
The Journal reports that the retirees overwhelmingly approved the deal which would suspend cost of living adjustments for 10 years.
City retirees met behind closed doors Tuesday at Rhode Island College for an informational briefing on the proposed settlement.
After the meeting they began voting in person and by mail on the settlement.
The deal will reportedly help to keep the struggling city out of bankruptcy.
"The vote by the City of Providence's retirees to ratify the tentative agreement on pension and healthcare reform is an important milestone on Providence's path toward fiscal recovery. I am deeply appreciative of the sacrifices that Providence's retired and active employees have made on behalf of the citizens of Providence and all of Rhode Island. The city's active police and firefighters are expected to vote on the settlement in the coming weeks," said Mayor Angel Taveras.
If the retirees had rejected the settlement, the lawsuit they filed challenging the city's attempt to move them to Medicare would have moved forward.
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