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Providence files lawsuit against Buck Consultants LLC; alleging pension miscalculations
Saturday, March 23, 2013
Providence, R.I., on Tuesday sued its longtime actuary, Buck Consultants LLC, accusing the firm of miscalculating $700,000 of savings the Rhode Island capital expected to achieve through pension overhaul.
"When compounded annually over the next 28 years, the error amounts to $10.8 million in today's dollars," Mayor Angel Taveras said in a late-afternoon statement after the city filed the suit in U.S. District Court in Providence. "Buck's mistake is inexcusable, and I will not allow Providence residents to pay for their mistake. Buck needs to make the city whole and we believe that after trial a jury will agree with the city."
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