Documents to formalize a settlement of the state pension lawsuit were filed Monday in Superior Court . The settlement faces several hurdles to be completed.
Lawyers announced in court earlier this month that most public employee unions and retirees had agreed to a proposed settlement to the legal challenge over Rhode Island’s 2011 pension overhaul. The attorneys are now following up by filing documents outlining the agreement.
Governor Gina Raimondo said the settlement will preserve more than 90 percent of the savings from the 2011 law, which reduced retirement benefits and introduced a hybrid 401k plan for many current state employees.
The settlement would restore a lower retirement age for some types of employees and provide more frequent cost of living increases for some retirees. The proposed settlement must be approved by a judge and by the General Assembly.
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