A Rhode Island Superior Court judge removed a major hurdle to pension overhaul in Providence by calling a settlement between the capital city and its retired police officers and fighters “fair, adequate and reasonable.”

Sarah Taft-Carter’s ruling enables both sides to finalize an agreement, which will include the suspension of all cost-of-living adjustments for 10 years, and eliminating 5% and 6% compounded COLAs altogether. In additon, retirees 65 and older will move onto Medicare.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.