Pension Settlement Moves Forward in Court

Business Week:

PROVIDENCE, R.I. (AP) -- An attorney for city retirees in Providence plans to tell a judge they have approved a deal freezing pension increases for 10 years and shifting older retirees to Medicare.

The deal is expected to stave off municipal bankruptcy.

Joseph Penza says he will present the results of the retirees' vote to a state judge on Tuesday. About 80 percent of retirees ratified the tentative agreement announced by Mayor Angel Taveras (tuh-VEHR'-us) last month.

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