Raimondo: Pension loss would be ‘catastrophic’

General Treasurer Gina Raimondo said last week that it would be “catastrophic” for Rhode Island to lose the legal challenge over the state’s pension overhaul, The Associated Press reported. However, she has a ‘‘high degree of confidence’’ that won’t happen. More

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Raimondo: Pension loss would be ‘catastrophic’

Posted 4/21/14

PAWTUCKET – General Treasurer Gina Raimondo said last week that it would be “catastrophic” for Rhode Island to lose the legal challenge over the state’s pension overhaul, The Associated Press reported. However, she has a ‘‘high degree of confidence’’ that won’t happen.

Speaking at an event for her gubernatorial campaign, Raimondo called police-union members’ decision to vote down the agreement frustrating. They were the smallest of six groups that had to sign off on a deal that overwhelmingly won approval from all the other groups, including retirees and teachers.

‘‘Losing this case would be catastrophic for Rhode Island,’’ she told the AP. ‘‘You will see cities and towns go bankrupt.’’

But Raimondo said the state has a very strong case and predicted the law would be upheld in court. A trial is scheduled for September. •

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