PENSION REFORM

Warwick pensions labeled ‘critical’

Posted 5/22/12

WARWICK – City actuaries have labeled Warwick’s Police and Fire I pension plan as “critical,” according to a letter circulated by Warwick Ward 4 City Councilman Joseph Solomon.

The actuaries – Gabriel Roeder Smith and Co. – said Warwick’s largest pension plan is 22.3 percent funded and, as of June 30, 2011, had a liability of $242 million.

The city’s other three pension plans are relatively well-funded, according to Solomon, but when liabilities and assets are combined with Police and Fire I, the city’s four pension plans are funded at 51.2 percent.

“Like many of our neighbors, we in the city of Warwick face some serious liabilities,” said Solomon in a prepared statement accompanying the actuary letter.

“Time is running out. Warwick city leaders need to stop downplaying our significant financial challenges and start getting behind solutions,” said Solomon.

Calendar
PBN Hosted
Events

Two Great Programs...One Great Event. PBN's Annual Celebration of Growth and Innovation is now underway. 2014 applications are now available. Deadline August 1st.
  • Healthiest Employers
    Celebrate with the Healthiest Employers in RI on August 14th at the Providence M ...
  • 40 Under Forty
    Thank you to our sponsors and to all those who attended the 10th Anniversary of ...
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News
    Advertisement