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7:25 am
Tue May 24, 2011

Raimondo releases pension report

PROVIDENCE, RI –

State Treasurer Gina Raimondo says without further action, 20 cents of every tax dollar will go toward paying for pensions by 2018.

Raimondo made the statement during the public release of her report on Rhode Island's troubled pension system.

Raimondo calls her report a first step for fixing an unfunded state pension tab of between seven billion and nine billion dollars. It blames an absence of sound actuarial practices, among other causes. While it's taken decades for these problems to develop, Raimondo says elected officials have a moral obligation to fix the pension system.

"Can any of us live with ourselves if we don't act now and instead allow these pension assets to dry up and not be there for the young teacher or the young employee who's counting on them in 25 or 30 years?," Raimondo asks.

Raimondo says she plans in coming months to develop more detailed pension recommendations for the General Assembly. In a statement, legislative leaders say they're ready to make further changes to the pension system.

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