(PROVIDENCE, R.I.) -- A landmark deal to help save the City of Providence $18.5 million in the 2013 fiscal year will go before the police and firefighters union and a majority of retirees before it gets a final stamp of approval, ABC News New Bedford affiliate WLNE-TV reports.
The deal would cap all pensions, suspend Cost-Of-Living Adjustments for the next 10 years, and would move retirees 65 years or older into Medicare. The deal would also indefinitely eliminate the 5- and 6-percent COLAs.
The 2013 fiscal year begins July 1.
Copyright 2012 ABC News Radio