R.I. passes sweeping overhaul of pension system

(Updated, 4:50 p.m.) PROVIDENCE – Gov. Lincoln D. Chafee signed into law the sweeping pension overhaul bill passed by lawmakers Thursday night that is expected to cut $3 billion in unfunded pension liabilities by scaling back benefits for state employees, teachers and municipal workers. The signing took place in a Statehouse ceremony shortly before 4…

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  1. The placement of the word “stolen” within quotation marks is curious.

    The state violated its contracts with workers and took back previously agreed compensation. Is that not a form of theft?

    The pension system was in obvious need of reform due to both overspending and underfunding, but state officials were to blame for most of this, and the officials have neither accepted responsibility nor made sacrifices.

    By supporting this approach, taxpayers have sent the message that they are willing to re-elect officials who make false promises and violate agreements.

    Going forward, state contracts will be substantially less trustworthy.