In 2011 we came together to make tough choices to fix our pension system. The system had a $7 billion unfunded liability. Cities and towns across the state faced the possibility of bankruptcy. It was a time for action. The difficult decisions we made with the General Assembly will save the state about $4 billion over the next 20 years. For young teachers and retired state employees, that means that their pensions will be there when they need it -- unlike in Central Falls where pensions were slashed in half. Recently, a Rhode Island special-interest group paid tens of thousands of dollars for a report to attack our pension system. Its accusations are recycled, false, personal and political and are designed to undermine pension reform. The facts are that in 2011 our pension system was running out of money. Today public employees can know their retirement is secure and the system is on a healthy path. Read all about our efforts here: treasury.ri.gov.
Posted on: Sun, 20 Oct 2013 01:49:36 +0000
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