New: Raimondo, State Leaders React to Pension Settlement
Thursday, April 02, 2015
If approved by the court and the General Assembly, the proposed pension settlement will end litigation from six challenges arising from changes made to the pension system in 2009, 2010 and 2011.
Statement from Governor Gina Raimondo
"This proposed settlement is an important step toward providing certainty for our public employees and our cities and towns, and I believe it is in the best interest of all Rhode Islanders. The proposal keeps our state on a path toward financial stability. While the state has a strong case, the uncertainty of a trial threatened to reverse that progress. I am grateful the parties were able to come to an agreement. I look forward to working with the General Treasurer, the General Assembly, and all stakeholders to pass this legislation and then build on this progress by passing a balanced budget focused on creating jobs."
Statement from General Treasurer Seth Magaziner
"This proposed settlement lifts a cloud of uncertainty from our state and allows us to finally move forward, so we can focus our energy on new ideas to rebuild our economy. I am grateful to the settling parties in these lawsuits for being willing to come together to forge a common solution."
Statement from President of the Senate M. Teresa Paiva Weed
“I welcome the news that a potential settlement has been reached in the pension suit. I believe a settlement of pending litigation is in the best interest of all Rhode Islanders. It brings closure and finality for retirees and public employees and fiscal certainty to the state. I am grateful to the employees and to Chief Justice Williams for working together on this settlement proposal. I know this has been difficult for everyone involved. In the weeks ahead, the Senate Finance Committee and all the members of the Senate will be reviewing the proposed settlement and taking public testimony on the legislation required to implement the agreement.”
“I am pleased that the parties reached a settlement that I believe is in the best interests of the state, its citizens, the retirees and employees. I am aware of the general terms of the settlement and I believe they are in the best interests of all, but I haven’t had the opportunity to review the specifics and I reserve the right to do so. The House of Representatives will conduct its due diligence as part of the legislative process and we have established no timetable at this point.”
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