pensions

Political Roundtable
4:00 am
Fri April 19, 2013

Political Roundtable: Fung Talks Pensions, 2014, and the Attack on the Boston Marathon

Credit Ian Donnis / RIPR

Cranston Mayor Allan Fung joins the Roundtable this week to discuss the aftermath of the attack at the Boston Marathon, the merits of negotiated pension settlements, his potential gubernatorial campaign next year, and other issues.

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On Politics
1:02 pm
Fri April 12, 2013

Providence pension deal gets final approval; challenges remain

Taveras during a 2012 address at City Hall
Credit Ian Donnis / RIPR

In what Providence Mayor Angel Taveras calls a historic day, Superior Court Judge Sarah Taft-Carter gave final approval Friday for a deal that will reduce the capital city's $900 million+ unfunded pension liability by $178 million. The agreement followed negotiations between the city and police and fire unions and municipal retirees.

"Today is the end of a long, long road that we've traveled," Taveras said in an interview. "I feel a lot of relief and gratitude to all the employees and retirees especially who have agreed to help the city."

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On Politics
5:30 pm
Tue January 29, 2013

Taveras highlights cooperation in state of the city address

Providence Mayor Angel Taveras' latest State of the City speech celebrates the value of overcoming complex problems through collaboration -- a not-so-subtle contrast with the state pension overhaul championed in 2011 by the mayor's prospective Democratic gubernatorial rival  in 2014, state Treasurer Gina Raimondo.

In comments Tuesday evening to the City Council, Taveras notes the contrast to February 2012 when "Providence was running out of cash, and running out of time. In the months that followed, there were some who said Providence could not avoid filing for bankruptcy."

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Politics
1:05 pm
Fri January 18, 2013

Moody's weighs in on Providence, East Providence, and North Providence

Moody’s Investors Service is giving Providence mixed comments on its fiscal condition.

Moody’s says an audit revealing a $15 million Providence deficit for the last fiscal year could hurt the city’s credit rating. But it says Providence now has a balanced budget, and it calls that a sign of progress toward restored fiscal stability.

Mayor Angel Taveras inherited a $110 million deficit when he took office in 2011. Moody’s says a series of previous deficits caused by state aid cuts leave Providence little room for error if other revenue gets squeezed.

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On Politics
12:45 pm
Fri December 7, 2012

Rhode Island’s pension fund earned just 1.4 pecent in fiscal 2012

Rhode Island’s $7 billion+ pension fund — which is banking on an expected rate of return of 7.5 percent to pay its long-term obligations — earned just 1.4 percent over the fiscal year that ended June 30.

State Treasurer Gina Raimondo, who chairs the state Investment Commission and sparked the move last year to lower the pension fund’s expected rate of return, says she doesn’t think the state’s expected 7.5 percent rate of return is too optimistic. In an interview, she said:

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on politics
12:45 pm
Fri December 7, 2012

Rhode Island’s pension fund earned just 1.4 pecent in fiscal 2012

Rhode Island’s $7 billion+ pension fund — which is banking on an expected rate of return of 7.5 percent to pay its long-term obligations — earned just 1.4 percent over the fiscal year that ended June 30.

State Treasurer Gina Raimondo, who chairs the state Investment Commission and sparked the move last year to lower the pension fund’s expected rate of return, says she doesn’t think the state’s expected 7.5 percent rate of return is too optimistic. In an interview, she said:

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On Politics
10:45 am
Thu December 6, 2012

RI Supreme Court decides not to delay pension case or rule on Taft-Carter

The Rhode Island Supreme Court has declined a state motion to stay the big pension case pending before Superior Court Judge Sarah Taft-Carter. Via news release:

In the matter of Rhode Island Public Employees’ Retiree Coalition et al v. Lincoln Chafee et al, the Supreme Court today declined to intervene in the union and coalition lawsuits against the state regarding the Rhode Island Retirement Security Act of 2011.

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On Politics
12:00 pm
Wed December 5, 2012

“Super-lawyer” Boies’ request to practice law in RI expected to be on for Friday

High-profile lawyer David Boies’ request to practice law in Rhode Island is expected to be considered by Superior Court Judge Sarah Taft-Carter early Friday, according to court spokesman Craig Berke. That’s the same morning when Taft-Carter is slated to hear a state motion to dismiss a union challenge to last year’s pension overhaul.

The granting of permission for an out-of-state lawyer to practice in Rhode Island is usually a formality.

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On Politics
12:00 pm
Wed December 5, 2012

Read the pension settlement letters between Lincoln Chafee and Gina Raimondo

Governor Lincoln Chafee used a November 13 letter to state Treasurer Gina Raimondo to broach the possibility of seeking a settlement to the pension lawsuit.

The ensuing correspondence offers some insight into the two officials’ viewpoints and their personal styles. 

In a letter on his official stationery, Chafee crossed out “Treasurer Raimondo” salutation, replacing it with a handwritten “[Dear] Gina”:

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On Politics
12:00 pm
Wed December 5, 2012

Fox sides with Raimondo; Chafee says settlement talks in taxpayers’ interest

In sharp contrast to Governor Lincoln Chafee, House Speaker Gordon Fox is siding with state Treasurer Gina Raimondo’s argument that the time for negotiating last year’s pension overhaul is over.

Fox’s stance is pivotal; without his support, changes to the pension overhaul are a non-starter in the General Assembly.

Fox offered this statement to RIPR:

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