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Study: RI aggressive in pension reform
State among four lacking 55% of funding
Updated: Tuesday, 19 Jun 2012, 5:40 AM EDT
Published : Tuesday, 19 Jun 2012, 5:40 AM EDT
PROVIDENCE, R.I. (WPRI) - Rhode Island's pension reform efforts are drawing more national attention.
A study by the Pew Center into pension shortfalls nationwide found Rhode Island has been the most aggressive in overhauling its pension system.
It has accomplished that by cutting benefits for current and future employees, limiting cost-of-living increases, and raising the retirement age.
The study also shows Rhode Island is one of four states that has 55% or less of the money needed to fund pensions.
According to the study, the total amount of money states will owe to retirement funds in the decades ahead will be more than $750 billion.
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