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Wednesday, May 23, 2018

Pension Reform

RHODE ISLAND ranks 39th among the states for its funded ratio of its public pension plan at 29.6 percent. This measure looks at the total value of a plan's assets weighed against its accrued liabilities; the data was included in a report from the American Legislative Exchange Council and State Budget Solutions. / COURTESY ALEC/STATE BUDGET SOLUTIONS

Report: State pension plans face growing challenges, R.I. no exception

PROVIDENCE – Nationwide, a new report says that state public employee pension plans are underfunded by nearly $5.6 trillion. At $18.6 billion, Rhode Island’s...

Psst, state pensions still need reform

For those thinking that the finalized reforms to the state-worker pension system took care of all its issues, think again.The outstanding problem is the...
A SEMINAR HOSTED by a law firm and the R.I. League of Cities and Towns is set to address the issue of unfunded pension and OPEB liabilities. / PBN FILE PHOTOS AND ILLUSTRATION

Pension, OPEB ‘crisis’ to be examined at panel discussion

PROVIDENCE – Accountants, actuaries, politicians and union leaders are scheduled to meet on Friday to discuss the looming Rhode Island crisis related to public...

R.I.’s pension-return conundrum

The R.I. State Retirement Commission last month decided to cut its roughly $1 billion investment into hedge funds in half, saying the asset has...
STEPPING UP: From left, Gov. Gina M. Raimondo, North Providence Mayor Charles A. Lombardi, General Treasurer Seth Magaziner and Cranston Mayor Allan W. Fung have all spoken about the state's need to address unfunded municipal pension liabilities and OPEBs.

Will leaders emerge to avert a looming municipal pension and benefit...

Editor’s note: This is the fourth and final installment in a series exploring how well Rhode Island cities and towns are funding municipal pension...
MANY VOICES BUT NOT SIGNIFICANT PROGRESS: While public officials, including, from left, Gov. Gina M. Raimondo, North Providence Mayor Charles A. Lombardi, General Treasurer Seth Magaziner and Cranston Mayor Allan W. Fung have talked about municipal unfunded liabilities for retirement benefits, there still has not been enough of an effort to put city and town finances on a sustainable path. / PBN ILLUSTRATION/LISA LAGRECA

State must take more active role in reforming municipal finances

If the state's public officials want to make a real difference in Rhode Island's future, they should spend less time on getting to the...
CRANSTON MAYOR Allan Fung, who called the decision historic news, said the city “is prepared to do whatever it takes to defend this historic decision upholding our pension reforms all the way to the Supreme Court.”  / PBN FILE PHOTO/MICHAEL SALERNO

Cranston opt-out case heading to Supreme Court

CRANSTON – Following a Friday R.I. Superior Court ruling in favor of Cranston Mayor Allan W. Fung’s decision to freeze yearly benefit increases, the...
PROACTIVE APPROACH: Warwick Mayor Scott Avedisian speaks with his press secretary, Courtney Marciano, at his office. Avedisian suggested creating a statewide OPEB trust to help small local plans. / PBN PHOTO/MICHAEL SALERNO

R.I. towns and cities look beyond pension liabilities to an even...

Editor’s note: This is the third of a four-part series exploring how well Rhode Island cities and towns are funding municipal pension and benefit...
IGNORING WARNING SIGNS? A sign bearing the name of Johnston Mayor Joseph M. Polisena is seen at the town's high school. Johnston in 2013 settled a lawsuit with R.I. Resource Recovery Corp. and received $3 million. But unlike East Providence and North Providence, local lawmakers decided to spend the sudden influx of cash on a new athletic complex, named for the mayor, instead of its ailing pension system. / PBN PHOTO/MICHAEL SALERNO

Most of Rhode Island’s local pension plans are floundering

(Updated, July 1, 5:05 p.m.) Editor’s note: This is the second of a four-part series exploring how well Rhode Island cities and towns are funding...
STATE SEN. RYAN W. Pearson sponsored legislation that was approved by the R.I. General Assembly last week to create a five-member advisory council to oversee 33 locally administered pension plans across 24 Rhode Island cities and towns. / COURTESY R.I. GENERAL ASSEMBLY

New advisory council to oversee local pension plans awaiting governor’s signature

PROVIDENCE – Pending Gov. Gina M. Raimondo’s signature, Rhode Island will establish a new advisory council to oversee local pension plans, which together are...
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