Listen Live on  
 

News Radio 920

Providence's News, Traffic & Weather
 
 

Bill to Boost Central Falls Pensions Advances

 

PROVIDENCE, R.I. (AP) — A measure that would increase the pensions of Central Falls retirees who saw them cut during municipal bankruptcy proceedings has advanced on the House side.

The total cost will be about $4.8 million, spread out in coming years.

The city in 2011 became the first in Rhode Island to declare municipal bankruptcy. A state-appointed receiver cut pensions, some by as much as 55 percent.

But the General Assembly last year approved a "transition fund" of $2.6 million to push the pension levels back up to 75 percent of the base amount for five years.

Democratic Rep. Agostinho Silva of Central Falls says the legislation advanced by the House Finance Committee is designed to keep the pensions from dropping again after that.

The full Senate approved a companion measure.

Recommended Stories

More from News Radio 920

*