The State Retirement Board has approved a pension settlement deal.
In a six to one vote members of the board including General Treasurer Gina Raimondo, who helped craft the pension legislation, approved the settlement agreement. Seven members abstained from the vote citing ethical conflicts.
Dan Beardsley the executive director of the Rhode Island League of Cities and Towns was the only member of the board to reject the deal.
"I am very pleased," said Raimondo on the way out of the meeting that convened at 1 p.m. Governor Lincoln Chafee agreed.
Meanwhile, one of Raimondo's political opponents was quick to criticize. Cranston Mayor Allan Fung, who is running for Governor in 2014, objected to the settlement saying the state should have went to court. Fung said changes to the deal will push an untold financial burden on local cities and towns.
The pension reform bill was approved by the General Assembly in 2011 and it had an estimated $3 billion dollars in savings.
Before any deal can be official the General Assembly will have to vote to approve it.