Two More Steps Taken to Heal 'Critical' Police, Firefighters' Pension Plans
As East Providence waits for a ruling on its Google windfall, the Budget Commission takes two more actions to help stabilize the local retirement plans.
The East Providence Budget Commission took two more actions Thursday afternoon, Nov. 15, to help pull the city’s local police and firefighters pension plans out of critical condition. The budget commission will begin paying 100 percent of the annual required contributions (ARC) immediately, and it will sit down with the police and firefighters’ unions to negotiate lower cost of living adjustments (COLA) and other terms of the plans for active employees. Those actions will take place even as city officials wait for a decision from the federal Department of Justice on an appal of two previous requests to local and regional Asset Forfeiture and Money Laundering Section (AFMILS) offices to use the Google "windfall" money awarded to the police …
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11:10 am on Friday, November 16, 2012
The EP credit rating is dependent on the subjective decisons made by the rating agencies. City's liabilities or debts, ability to pay, willingness to pay, balanced against game plans to meet these full faith and credit obligations are paramount to these subjective criteria. I wonder if any bonds dealing with the waterfront development are included or clouded the determinations of these agencies. … more ›