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Tue July 19, 2011
Pension panel meets for second time
By IAN DONNIS
PROVIDENCE, RI – An advisory panel meant to help solve Rhode Island's pension crisis held its second meeting. But there's little consensus on the best way forward.
Rhode Island faces a seven billion dollar hole to pay its long-term pension obligations to state employees and teachers. Cranston Mayor Allan Fung says retirees will need to accept cuts to wipe out that debt.
But labor representatives on state Treasurer Gina Raimondo's pension panel oppose that kind of talk. Teachers' union leader Robert Walsh instead recommends extending the state's pension payments longer into the future.
"I think that folks like Mayor Fung and some of the city and town leaders are going to come around to understanding that things like re-amortization have to be part of the final answer, because so much of the problem is the unfunded liability," he says.
The next meeting is scheduled for August 18th.
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