Speaker Fox calls for big change in pensions

PROVIDENCE, RI – House Speaker Gordon Fox says an informational briefing reinforced his belief that Rhode Island's pension system requires big changes.

Legislators filled a ballroom at the Renaissance Providence Hotel to hear two out-of-town speakers talk about pensions and secure retirements. After the event, Fox said that without change growing pension costs will undercut the state's ability to invest in education, infrastructure and other needs.

"I think we're going to have do major overhaul to this system that for whatever reason is just burdening the state financially," says Fox. It's going to come in a form that everyone's going to have to expect to maybe give something up."

Fox declined to specify how he'd like the state to reduce its $7 billion tab for future pensions. Joint meetings of legislative budget committees will continue the discussion, starting next week.

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