Cranston reaches landmark pension deal with unions
Cranston mayor Allan Fung and city unions have come together on a pension reform deal.
The agreement will save the city millions of dollars said Fung when he announced the plan Monday at city hall.
The plan will cap colas at three–percent saving Cranston about six–million dollars next year. The deal will also allow the city to fully fund fire and police union pensions within the next 30 years.
“This agreement shows the progress that can be made when all the parties come together in a spirit of cooperation, I can't stress that enough, cooperation, and to work through this very dire issue,” said Fung.
The pension plan has already been approved by active duty union members. It will affect about 500 retired and active duty union members.