State Retirement Board votes to approve pension settlement

(Updated, Feb. 14, 2:34 p.m.) The State Retirement Board on Friday voted to approve a proposed settlement of the state pension reform lawsuits, according to the R.I. Department of Administration. More

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pension reform

State Retirement Board votes to approve pension settlement

PBN FILE PHOTO/RUPERT WHITELEY
THE STATE RETIREMENT BOARD, chaired by General Treasurer Gina M. Raimondo, voted to approve a proposed settlement of the state pension reform lawsuits on Friday. A 4:15 p.m. press conference with Federal Mediation and Conciliation Service representatives is expected to reveal details of the settlement terms.
Posted 2/13/14

(Updated, Feb. 14, 2:34 p.m.)

PROVIDENCE – The State Retirement Board on Friday voted to approve a proposed settlement of the state pension reform lawsuits, according to the R.I. Department of Administration.

The Department of Administration’s Director of Policy Allison Rogers confirmed that the board voted 6-1 in favor of approving the deal. The board, chaired by General Treasurer Gina M. Raimondo, did not release any further specifics about the terms of the settlement.

At 4:15 p.m. on Friday, Federal Mediation and Conciliation Service representatives and attorneys representing the state and the public employee unions involved in the suit will appear for a press conference at the R.I. Department of Administration offices in Providence “to report on the ongoing court-ordered mediation to resolve pension litigation.”

Details about the approved settlement are expected to be released at that time.

The press conference was rescheduled for Friday after the FMCS called off a Wednesday press conference that was expected to announce details of the proposed settlement, and a Sept. 15 trial date was set for the case, before the FMCS announced Thursday that another press conference had been called for Friday afternoon.

The lawsuit filed by Rhode Island’s public-sector unions targets sweeping reforms made to the state’s public retirement plan in November 2011, aimed at cutting $3 billion from the state’s unfunded liability, estimated at $7.3 billion at the time.

Five unions representing state and municipal workers, teachers, firefighters and police claim the law violated their constitutional rights by breaking contracts and taking away benefits earned by retirees and workers.

No matter the details of the agreement, it must be passed by the General Assembly and signed by the governor into law.

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