December 6, 2011
Rhode Island makes pension system cuts
With government pension costs going up and revenues still down, Rhode Island Gov. Lincoln Chafee signed a law on Nov. 18 that alters the public pension system and reduces the state’s liability.
“I take no joy in the pain this will cause for thousands of Rhode Islanders,” Chafee said in a statement. “But the most important objective was ensuring retirement security for those in the state system.”
The state has an unfunded liability of $7 billion, and pension costs are making it difficult for the state to invest in other public services, according to a state report. The Rhode Island Retirement Security Act of 2011 is expected to reduce that liability by more than $3 billion with an 80 percent funding level for all pension systems...
LINK - AmericanCityandCountry.com
