Taveras, Providence retirees and unions strike landmark deal
May 30th, 2012 at 3:22 pm by Ted Nesi under Nesi's Notes, On the Main Site
By Ted Nesi and Tim White
PROVIDENCE, R.I. (WPRI) – Providence Mayor Angel Taveras has struck a landmark deal with city workers and retirees to scale back future pensions, freeze cost-of-living adjustments and restructure health benefits that could save the capital from bankruptcy, WPRI.com has learned.
Update: After the jump you can see two extensive charts with the nuts-and-bolts on the settlement.
Mayor Taveras’s office distributed this chart explaining what has to happen next (click to enlarge):
And here’s a second chart from the mayor’s office detailing what’s in the settlement (click to enlarge)
Tags: angel taveras, pensions, providence, providence financial crisis
Nesi's Notes covers politics and the economy in and around Rhode Island for WPRI.com. (Twitter: 
This seems like a good deal for all involved with the possible exception of some of the elderly long time pensioners who are on the lower end of the payouts. Beats Central Falls and the Gina “big Stick” approach to dealing with retirees which ultimately may be overturned costing taxpayers more than ever.
This is just the sort of thing Raimondo should have done. Oh well, too late.
Gina would be overwhelmed with city & town pension reform. She let judges, and state troopers off the hook on state pensions. Can you imagine what she sell on the local reform for her own advancement ?
What is this plan going to cost the taxpayers? I really don’t care about the retirees and public sector employees. They have been overcompenstated for too long. I am still hoping the city takes chapter 9.
Ms. Raimondo knows the state can’t go bankrupt and cities can. They had some leverage with respect to the cities, not so with the state unions. But much like Mr. “I taught constitutional law and passed Obamacare anyway” and “let’s sue AZ to protect my illegals” her “reform” will be overturned in court.