PAWTUCKETâ€”The details behind a proposed, three-year cost of living adjustment (COLA) freeze for Pawtucket Police and Fire Department retirees and their beneficiaries will be outlined at a meeting at Tolman High School on Thursday, May 15, at 6 p.m.
City officials will be explaining their plan to implement a three-year COLA freeze on police and fire pensions to commence on July 1, 2014 and to remain in effect through June 30, 2017. The three-year COLA freeze, which is the only change that will affect retirees and beneficiaries, will only apply to those receiving pensions of $30,000 or more a year.
In an April 25 letter to retirees and beneficiaries from Mayor Donald Grebien, it was noted that the city last year was required to file a Funding Improvement Plan (FIP) for its police and fire pension fund with the State Locally Administered Pension Plan Study Commission.
--Read the rest of the story in Thursday's newspaper.