In politics, as in pensions, assets can turn into liabilities. RIPR political analyst Scott MacKay wonders if an advocacy group for pension overhaul that doesn’t need to disclose its members has become state Treasurer Gina Raimondo’s Achilles heel.
Cranston Mayor Allan Fung announced an agreement Monday to improve the condition of one of the worst funded municipal pensions in the state.
Fung says the deal will save Cranston $6.5 million in pension costs over the next fiscal year while solving a lingering problem.
“This issue has been an albatross over the city for decades, close to half a century, and this agreement shows the progress that can be made when all parties come together in a spirit of cooperation,” said Fung.
About a hundred firefighters protested Monday morning outside a conference focused on distressed municipalities, where state treasurer Gina Raimondo was the keynote speaker. Inside, Raimondo applauded the cooperation it took from organized labor to make the state pension overhaul possible.