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Report: pension plans in RI at risk
Unfunded liability of locally run plans at $1.9B
Updated: Thursday, 11 Mar 2010, 11:38 AM EST
Published : Thursday, 11 Mar 2010, 11:36 AM EST
PROVIDENCE, R.I. (AP) - About two dozen locally run pension plans in Rhode Island risk are at risk, with some in danger of running out of money.
The Providence Journal says liabilities for cities and towns that run their own pension plans have grown by about $300 million in the past three years.
The state auditor general said in a report released Wednesday that 23 locally run pension plans are at risk. The report says the unfunded liability of locally run pension plans totals $1.9 billion.
The report was presented Wednesday to the Senate Municipal Pension Study Commission, which expects to make recommendations this spring about reforming the system.
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