Wednesday, July 30th15.5°C
21450
22214

RI pension deal announced that aids retirees; state efforts widely seen as model for others

PROVIDENCE, R.I. - Rhode Island state leaders and union officials have reached a deal to end legal wrangling over a landmark pension overhaul that's been a model for other states seeking to rein in runaway pension costs.

The proposed settlement would resolve a lawsuit from public workers and retirees unhappy with the 2011 law, which raised retirement ages and suspended pension increases.

The deal must be ratified by lawmakers and unions. The biggest change includes restoring pension increases sooner than the current law.

The deal would cost Rhode Island governments $24 million next year, but it maintains nearly $4 billion in future savings from the 2011 law.

Gov. Lincoln Chafee and Treasurer Gina Raimondo (ray-MAHN'-doh) say the deal is fair to taxpayers and public employees and would prevent a costly and uncertain legal battle.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX15446.55+1.33
S&P CDNX1016.50-3.35
DJIA16912.11-70.48
Nasdaq4442.698-2.211
S&P 5001969.95-8.96
CDN Dollar0.9201-0.0016
Gold1310.00+6.70
Oil101.47+0.50
Lumber322.20-0.80
Natural Gas3.73-0.017

 
Okanagan Companies
Pacific Safety0.185-0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.20+0.05
Cantex0.085+0.02
Anavex Life Sciences0.2675+0.0025
Metalex Ventures0.085+0.005
Russel Metals35.29+0.14
Copper Mountain Mining2.86-0.11
Colorado Resources0.2250.00
ReliaBrand Inc0.10+0.019
Sunrise Resources Ltd0.035+0.015
Mission Ready Services0.155-0.035

 



22563

FEATURED Property
1975352402-660 Lequime Road
2 bedrooms 2 baths
$395,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Take charge of your debt

Photo: Thinkstock.comWays to reduce your Debt:Make a budget and get budget counselingA basic first step for debt reduction is to prepare a budget and plan your spending. Once you have a budget, you mu...


Geopolitical tensions rattle markets

The Big Picture Geopolitical tensions rattle markets The spectre of rising geopolitical tensions in Ukraine and Gaza cast a shadow over an otherwise positive week in the markets. News that a passenger...


Learn to delegate effectively

Photo: ContributedI have the pleasure of witnessing people delegate tasks quite often. Sometimes with tremendous success and sometimes with disastrous consequences. I have chaired a lot of committees...

_








Member of BC Press Council


22758