Raimondo, Magaziner Statement on Proposed Pension Settlement

Press Release

Governor Gina M. Raimondo and General Treasurer Seth Magaziner today released the following statements regarding the latest proposed pension settlement agreement.

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, and will keep the pension system on a healthy path. Unlike the situation in 2014 where all groups were required to sign on to the settlement, such a condition does not exist in the current scenario. The court will set a schedule for the parties to implement the settlement, and the remaining three lawsuits will be addressed by the Court. The April trial date will be vacated for the purpose of implementing the settlement.

Statement from Governor Gina M. 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 interests 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."

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