In the face of emotional opposition from the town’s police and firefighters, Mayor Joseph Polisena is asking the Town Council to back his plan to rescue the troubled pension system by curtailing certain pension benefits long established in union contracts.
According to the proposed ordinance by the mayor, it would freeze cost-of-living escalators (COLAs) over a period of 20 years for all retirees. At that point, any retirees receiving pensions greater than 150 percent of the Rhode Island mean income, which is about $29,277 in 2011, would remain ineligible for any cost-of-living increases.
To read the entire Providence Journal article, go to http://www.providencejournal.com/breaking-news/content/20130614-johnston-mayor-seeks-police-fire-pension-changes-through-council-approved-ordinance.ece