Providence City Council to start looking at pension reform
With City Council President Michael Solomon’s creation this evening of a pension panel, the City of Providence is set to begin the process of scrutinizing its pension problem:
Tonight, the Providence City Councilwill receive communication from Council President Michael A. Solomon that he is establishing an Ordinances Sub-Committee on Pension Sustainability. Council members David Salvatore,Michael Correia, Samuel D. Zurier, Sabina A. Matos, and Leader Yurdin will serve on the subcommittee, which is tasked with submitting recommendations to the full Council to address the City’s pension liabilities and related fiscal challenges.
“The City’s pension system faces many challenges, among them an $828.5 million unfunded liability and a disability pension system which has been the subject of internal and external audits,” said Councilman David Salvatore, the subcommittee’s first-named member. “This subcommittee will serve as a much needed forum to transparently address these issues and garner support for real solutions. Each and every taxpayer ofProvidencedeserves the assurance that we will continue to deal with the tough issues to get our City back on firm financial footing.”
All this comes as state Treasurer Gina Raimondo and Governor Lincoln Chafee are set to introduce their own statewide pension proposal (not including locally administered pensions), perhaps as soon as next week.