Major developments in pension crisis


Two major developments coming up this week in the state's ongoing pension crisis.

First up: General Treasurer Gina Raimondo will release her long awaited report on the state's financially strapped pension system.

She will make the announcement at Crossroads, the largest homeless shelter in the state, to dramatize how the state's unfunded pension liability will rob vital services of funding.

On deck: The House Finance Committee will take public testimony on a bill that would eliminate annual cost of living increases for state employees.

This is what Governor Carcieri urged the legislature to do last year. Instead, the General Assembly limited cost of living increases to the first 35-thousand dollars' of pay for future retirees.

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