Providence is one of first in U.S. to cut pensions

BOSTON - Providence will halt cost-of-living increases for retirees among steps to overhaul a $422.8 million pension system and avoid becoming the state’s second municipal bankruptcy. Less than three months after Mayor Angel Taveras said Providence stood on the “brink of bankruptcy,” the City Council yesterday voted 13-0 for changes that save almost $19 million…
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