PROVIDENCE – Rhode Island’s “other post-employment benefit liabilities,” which typically consist of retiree health plans, are only 16.5 percent funded, still the highest in New England, according to S&P Global Ratings.
The Dec. 4 report found that of states with OPEB liabilities, only six had OPEB-liability funding greater than 30 percent for state workers.
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Rhode Island ranked No. 13 in the country for its OPEB liability funded ratio.
Rhode Island’s total OPEB liability was reported to be $770 million as of June 2016, of which $643 million was unfunded.
Rhode Island’s net unfunded OPEB liability per capita was $607, less than half of the median U.S. unfunded liability per capita at $1,296 and U.S. average at $1,777 per capita.
The report also noted Rhode Island was contributing 100 percent of its annual required contribution at $53 million per year – the sixth-highest OPEB contribution as a percentage of annual required contribution in the country.
