Retired firefighters and police officers of bankrupt Central Falls, RI agree to a cut in their...

|By:, SA News Editor

Retired firefighters and police officers of bankrupt Central Falls, RI agree to a cut in their pensions as part of a plan that will see bondholders getting 100 cents on the dollar. The deal could be groundbreaking as it appears to be the 1st time police and fire retirees have ever accepted a reduction in benefits. "I know there are other places watching," says an attorney for the group.