Providence group recommends borrowing $500M to address pension crisis

Updated at 5:18 p.m.

THE PROVIDENCE PENSION WORKING GROUP on Monday recommended the city borrow $515 million to shore up its pension fund, which has been an increasing financial burden for the city. Pictured is Providence City Hall. / PBN FILE PHOTO/CHRIS BERGENHEIM
PROVIDENCE - Mayor Jorge O. Elorza’s contested pension obligation bond idea has resurfaced, but at a lower amount and with more protections that could assuage concerns about risky borrowing. The Providence Pension Fund Working Group on Monday finalized a recommendation calling for the city to borrow up to $515 million to shore up its pension…

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