Public employees may be able to keep pension benefits
PROVIDENCE, RI – State Treasurer Gina Raimondo says it might be possible to solve Rhode Island's pension crisis without cutting public employees' earned benefits. She made that statement during a pension briefing to the state Senate.
A member of Raimondo's staff told senators that state employees aren't legally shielded from cuts to benefits they've earned. A short time later, Raimondo said she hopes to fix the state pension plan without cutting workers' accrued benefits.
"I would love to be able to craft a proposal that solves this problem and we can say to state employees, if you've earned it, it's yours, and I think that is possible, and that's why we're taking so long to carefully go through the numbers," she says.
The state pension plan has a $7 billion unfunded tab, and without changes, the cost of funding it will double next year, to more than $600 million. Raimondo says she plans to unveil her pension reform proposal for legislative consideration in early October.
Do you have insight or expertise on this topic? Please email us, we'd like to hear from you. email@example.com.