PROVIDENCE, R.I. -- Rhode Island would roll back some provisions of its landmark pension overhaul -- while protecting billions of dollars of savings -- under a deal proposed to end the legal challenge to the 2011 law.
The settlement announced Friday would cost the state and its cities and towns $24 million beginning in 2015. It would restore limited pension increases to retirees sooner than the current law and tweak benefits for current workers.
The 2011 law raised retirement ages and suspended pension increases. The lawsuit filed by unions and retirees has been the subject of closed-door settlement talks.
The settlement must be approved by lawmakers, union members and retirees. If lawmakers reject or alter it, the lawsuit would continue.