Pension Reform
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Gov. Lincoln D. Chafee and General Treasurer Gina M. Raimondo have reached an agreement with representatives of government workers and retirees to soften the effects of the 2011 state pension overhaul, they announced Friday. more
Court-ordered settlement talks between the state and Rhode Island public employees and retirees over cuts in pension benefits have broken down, sending the dispute to trial, both parties in the case said Friday. more
Rhode Island lawmakers eased the threat of defaulting on bonds that backed former Boston Red Sox pitcher Curt Schilling’s videogame company, agreeing to cover the debt in a step that may preserve the state’s credit rating. more
The Securities and Exchange Commission will not take any action following its investigation of the Rhode Island pension system’s disclosures and statements, General Treasurer Gina M. Raimondo announced Tuesday. more
Moody’s Investors Service issued a warning on April 17 regarding Rhode Island’s failure to reach a settlement with public employee unions over the state’s pension lawsuit, which will go trial on Sept. 15 following the breakdown in renewed mediation talks earlier this month. more
U.S. state revenue isn’t rising fast enough to keep up with the cost of funding pensions, health care and public works projects, underscoring financial strains that persist during the economic recovery, according to a report. more
Fitch Ratings affirmed its “AA” rating and stable outlook on Rhode Island in light of last week’s announcement that a settlement reached between the state and public employee unions on pension reform would increase Rhode Island’s unfunded pension liability by $232 million. more
Members of the House of Representatives will reconvene Wednesday afternoon to continue debate on a fiscal 2014 budget. more
More than one-third of Taft-Hartley pension plan leaders nationwide believe the current pension system is unsustainable and will succumb to various pressures, reported Pyramis Global Advisors, a Fidelity Investments company. more
The pension fund for the state of Rhode Island earned 11.1 percent during the 2012 – 2013 fiscal year, a 9.7 percentage point improvement over the 1.4 percent rise during the 2011 – 2012 fiscal year, R.I. General Treasurer Gina M. Raimondo announced, and WPRI.com reported, Wednesday. more
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