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Fri October 14, 2011
Details emerge for pension overhaul
By SCOTT MACKAY
PROVIDENCE, RI – State House sources say that plans for overhauling Rhode Island's state pension system are taking shape.
Governor Lincoln Chafee and Treasurer Gina Raimondo are keeping their pension proposals under warps as they meet quietly with business and labor leaders to fashion a solution to billions in potential red ink in the state retirement system. But State House sources tell Rhode Island Public Radio that any plan will likely have four major elements: a sharp cut in cost-of-living allowances for retirees, an increase in the retirement age to collect a full pension, phasing in a 401K-style pension for younger state employees and refinancing the state's long-term abilities under a system known as re-amortization. While no date has been set to make a plan public, sources say it is likely to be unveiled early next week.
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