WPRO News and the Associated Press
PROVIDENCE, R.I. (AP) – The final defendant in the legal fight over the state’s 2011 landmark public pension system overhaul has agreed to settle.
The board that provides retirement allowances for state employees, the Employees’ Retirement System of Rhode Island, voted unanimously Wednesday to approve a settlement proposal.
Seven of the 15 members recused themselves because they were elected to the board by unions or retiree groups involved in the suit. One member was absent.
Public sector unions and retirees sued the governor, treasurer and the board over the higher retirement ages and cuts to cost-of-living increases designed to save the state $4 billion over 20 years.
The board discussed the settlement in executive session.
Treasurer Seth Magaziner urged them to approve it.
Magaziner and Gov. Gina Raimondo already said they’d agree to it.
