Skip to content

Providence City Council to start looking at pension reform

October 6, 2011

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.

No comments yet

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: