BREAKING NEWS New Providence Councilman Declines Pension
Tuesday, January 04, 2011
A new Providence City Councilman is starting his first full day in office by declining one of its perks - a special municipal pension.
Councilman David Salvatore announced today that he is declining the special pension because of the “dire financial situation” facing the city.
“In the coming months, I am going to be facing some tough decisions regarding the City’s financial future and what is best for taxpayers,” said Salvatore. “I think it’s best to make it clear from the outset that I am not here to receive a pension, but to serve the people of Ward 14, and act in the best interests of our community.”
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTSalvatore added: “I am opting out of the special pension for elected officials. Furthermore, I don’t expect to qualify for the standard municipal pension, and I will not accept any interest on the return of those contributions.”
Each new member of the City Council must participate in the city pension plan, contributing 8 percent to the system, according to the City Council’s office. Elected officials, however, also get an additional benefit of special pension plan if they serve for eight years or more. In that plan, $350 is deducted from their salary each year. Upon retirement, they receive an annual pension equal to $350 multiplied by the number of years they served on the council.
Salvatore said he plans to introduce an ordinance barring council members from receiving a “defined benefit” pension from the city. He said he opposes the practice of elected officials “seeking to receive special pension benefits” when the city is “struggling to pay such benefits to rand-and-file employees.”
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