RI Business-Backed Group Offers Support for Revised Pension Reform Bill

Posted by erik devaney

A business-backed group pushing to overhaul Rhode Island’s underfunded pension system is supporting a new legislative compromise.

EngageRI says in a statement Thursday that despite big changes, the new legislation will “put the pension fund on the path to fiscal health.”

The group’s endorsement is the latest sign that the new proposal is gaining political traction.

EngageRI is supported by the Greater Providence Chamber of Commerce and favors aggressive changes to the pension system.

Governor Chafee

The original legislation from Gov. Lincoln Chafee and Treasurer Gina Raimondo would have halted automatic pension increases for most retirees for an estimated 19 years.

After retirees protested, lawmakers unveiled a revised bill that would give increases every five years if pension investments perform as expected.

The bill would also adjust retirement ages and create a new system that combines traditional pensions with 401(k)-style accounts.

Gov. Chafee and Treasurer Raimondo proposed the legislation last month to curb runaway pension costs. Public-sector unions have vowed to sue if it is adopted as written.

The House and Senate finance committees plan to vote on the proposal Thursday. Their endorsement would send the legislation to the full General Assembly for consideration.


Copyright 2011 The Associated Press.

(with edits by New England Post)

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Posted by erik devaney on Nov 10 2011. Filed under Politics. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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