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Sunday, September 23, 2018

Pension Reform

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...
LET'S COMMUNICATE! WJAR-TV Anchor Frank Coletta and PBN Editor Mark S. Murphy, center left and right, spoke with Rhode Island governors about issues they have faced and continue to face and what is best to move the state forward. Foreground, from left, Govs. Donald L. Carcieri, Lincoln C. Almond, Gina M. Raimondo, Edward D. DiPrete. / PBN PHOTOS/ MICHAEL  SALERNO

Engagement key to state’s success

On the occasion of Providence Business News’ 30th anniversary, PBN invited Rhode Island’s six current and former governors to discuss Rhode Island’s economy and...
DIRE PREDICTION: Johnston Police Department Detective James Brady, president of the International Brotherhood of Police Officers Local 307 in Johnston, discusses the town's combined police and firefighter pension plan. He estimates that unabated, the plan could go bankrupt in eight years. / PBN PHOTO/MICHAEL SALERNO

R.I.’s reform of state worker pensions was only the tip of...

Editor’s note: This is the first of a four-part series exploring how well Rhode Island cities and towns are funding municipal pension and benefit...

R.I. Taxpayers disbands

PORTSMOUTH – R.I. Taxpayers is no longer. The association, which said it advocated for “honest, effective and fiscally sound government on behalf of individual and...

Magaziner: Financial market volatility contributed to 0.28% state pension investment loss

(Updated, 4:48 p.m.) PROVIDENCE – Pointing to the currency crisis in Europe and China’s economic slowdown, Rhode Island’s general treasurer says volatility in the financial...
R.I. GENERAL Treasurer Seth Magaziner wants more stringent regulatory oversight of private equity investment expenses, saying the opacity of current standards puts Rhode Island in an unfavorable negotiating position.  / PBN FILE PHOTO

Magaziner wants more oversight of private equity investment expenses

PROVIDENCE – R.I. General Treasurer Seth Magaziner wants more stringent regulatory oversight of private equity investment expenses, saying the opacity of current standards puts...
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