Lawmakers await Governor Chafee's pension reform plan
PROVIDENCE, RI – Lawmakers are awaiting a pension reform plan after completing the last of three joint Finance Committee meetings on the subject. Legislative staffers used the meeting to highlight discussion from previous sessions of state Treasurer Gina Raimondo's pension advisory committee. House Finance chairman Helio Melo called the process informative. Melo deferred to Raimondo and Governor Lincoln Chafee in declining to offer his own ideas for solving the pension crisis.
"Well, I would not make any comment at this time, because obviously, they've been working on this much closer," he says. "They have the actuaries at their hand."
Raimondo and Chafee are expected to present their pension proposal in the first half of October. As it stands, Rhode Island's pension system has $7 billion in unfunded liability, and the growing cost of funding it threatens to take money from other needs.
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