Thursday, January 21, 2021
PROVIDENCE, RI – Mayor Jorge O. Elorza today will join President of Providence FOP Lodge #3 Michael Imondi to sign a tentative agreement spanning a four-year term from July 1st, 2019 to June 30th, 2023.
“This agreement achieves historic pension reform as a means for longer term financial stability for the City while making meaningful investments in the future of our Police Department.” said Mayor Jorge O. Elorza. “I am committed to ensuring our approach to public safety is driven by long-term thinking and approaches to public safety. This contract serves as one part of that overall commitment and I thank Providence FOP President Michael Imondi and the entire FOP leadership team for their good-faith efforts to reach an agreement.”
The agreement requires officers to contribute an additional 5.5% of their salaries toward the City’s pension fund, totaling a 13.5% annual contribution, reducing the long-term pension liability by $25-30 million. Additional changes include the creation of an Other Postemployment Benefits (OPEB) Trust to address long-term healthcare liabilities, a shift to a 4-tier healthcare plan that includes healthcare co-share increases for active members and retirees, and competitive co-shares for dental coverage.
“This agreement provides our members with the competitive wage increases and wage rates which they deserve as police officers in our Capital City, and brings our base pay rate up into the top 25% in the State while maintaining other benefits in line with other municipal police departments,” said Michael Imondi, President of the Providence Police Union. “The agreement also partners the FOP with the City in increasing funding to the Pension Fund through our members’ commitment to increase pension contributions, which along with the City’s continued funding, will reduce the unfunded liability and preserve our pension benefits over the long term .”
The first three years of the contract provide 4.5% wage increases and the final year provides a 3.75% wage increase for all officers. The current base pay of Providence Police Officers is in the bottom 25% compared to other Rhode Island municipalities.
The tentative agreement will be considered for ratification by the membership of Providence FOP Lodge #3. Upon passage, the contract would then be sent to the City Council for ratification.