Statehouse begins final pension reform preparations
PROVIDENCE, RI – Possible approaches for solving the state pension crisis will be the focus during the last in a series of joint Finance Committee meetings.
House and Senate fiscal advisers will recap ideas from previous meetings of state Treasurer Gina Raimondo's pension advisory committee. No public testimony will be taken during the session.
Between early and mid-October, Raimondo and Governor Lincoln Chafee are expected to unveil their plan for cutting Rhode Island's $7 billion in unfunded pension liability. Without changes, the annual cost to taxpayers will double next year -- to more than $600 million.
Once the legislature gets the pension proposal, it's expected to hold a series of public hearings before deciding what to do with the plan.
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