Pension Reform
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Gov. Lincoln D. Chafee and General Treasurer Gina M. Raimondo have reached an agreement with representatives of government workers and retirees to soften the effects of the 2011 state pension overhaul, they announced Friday. more
Court-ordered settlement talks between the state and Rhode Island public employees and retirees over cuts in pension benefits have broken down, sending the dispute to trial, both parties in the case said Friday. more
(Updated, 5:30 p.m.) Fifty retired state employees and public school teachers have filed a lawsuit against the state of Rhode Island, objecting to their inclusion in the proposed class-action settlement of the state pension reform lawsuits. more
Moody’s Investors Service issued a warning on April 17 regarding Rhode Island’s failure to reach a settlement with public employee unions over the state’s pension lawsuit, which will go trial on Sept. 15 following the breakdown in renewed mediation talks earlier this month. more
U.S. state revenue isn’t rising fast enough to keep up with the cost of funding pensions, health care and public works projects, underscoring financial strains that persist during the economic recovery, according to a report. more
Fitch Ratings affirmed its “AA” rating and stable outlook on Rhode Island in light of last week’s announcement that a settlement reached between the state and public employee unions on pension reform would increase Rhode Island’s unfunded pension liability by $232 million. more
A report released Tuesday by the American Legislative Exchange Council highlights Rhode Island and three other states as models of effective pension reform. more
(Updated, Feb. 14, 2:34 p.m.) The State Retirement Board on Friday voted to approve a proposed settlement of the state pension reform lawsuits, according to the R.I. Department of Administration. more
(Updated, 6:33 p.m.) Responding to the abrupt cancellation of a Wednesday press conference expected to announce details of a settlement in the state’s pension battle with public employee unions, Rhode Island legislative leaders said the only thing the General Assembly can do is “wait and see” how the settlement unfolds. more
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