NEW: Hassett and Igliozzi Call for Changes to Providence Pension Reform
Thursday, May 03, 2012
Two high ranking members of the Providence City Council are already calling for changes to the pension reform ordinance signed into law by Mayor Angel Taveras Monday evening.
Although the Council voted unanimously to support ordinance, Council President Pro Tempore Terry Hassett and Finance Committee Chairman John Igliozzi now say they would now like to amend the suspension of all cost-of-living-adjustments (COLAs) to allow COLAs to be given out to certain retirees that do not make above a certain amount in their pension.
The Council members say the proposed amendment is not yet completed.
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"I am acting in what I believe to be a much fairer manner in order to provide enhanced security for retirees while continuing to improve and stabilize the entire pension system," Igliozzi said.
The pension reform ordinance passed and signed by Mayor Angel Taveras Monday requires all COLAs to be suspended until the pension system is 70 percent funded and caps all future pensions at one-and-a-half times the median state household income. The ordinance also makes changes to disability pensions and eliminates elected official pensions.
