Peters' Settlement The departure and settlement ends a failed episode on the effort to improve Providence Public Schools Peters earned $225,000 a year and signed a three-year contract in January of 2020. And, by contract the state made an additional 15% annual contribution to Peters' state retirement account — it computes to another $33,750 per year. The settlement provides for mutual indemnification, the lumpsum payment from the State of Rhode Island to Peters includes salary, auto payments and retirement payments. The contract provided other financial incentives. Peters was just about 15 months through the 36-month agreement.