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Thu August 11, 2011
Raimondo meets with local officials about pension reform
By IAN DONNIS
PROVIDENCE, RI –
State Treasurer Gina Raimondo met with local officials to seek their support for reforming Rhode Island's pension system.
Raimondo says she's developing a comprehensive pension reform bill for a special General Assembly session this fall. She says Rhode Island will face more municipal bankruptcies unless the state deals with its $7-billion in unfunded pension liability.
"If we don't together pass pension reform in October when the General Assembly comes back, I guarantee you there will be more Central Falls," she says. "I can guarantee that because this is just math. Central Falls was predictable and avoidable."
Mayors and town managers from around the state say they're receptive to Raimondo's message. Pension costs for many local communities are due to rise next year by more than 100%.
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