RI House, Senate OK Landmark Pension Overhaul

Posted by jcashman

PROVIDENCE, R.I. (AP) — The Rhode Island House has joined the Senate in endorsing a comprehensive overhaul of the state’s drastically underfunded public pension system.

The House voted 57-15 to pass the measure. A final, formal vote expected later Thursday will send the measure to Gov. Lincoln Chafee, who is expected to sign it.

The legislation is intended to save billions of dollars by suspending retiree pension increases, raising retirement ages and creating a benefit plan that mixes pensions with 401(k)-style accounts.

Public-sector unions say the measure is unfair, and they vow to challenge the changes in court. Some workers heckled lawmakers during Thursday’s debate.

Supporters say the state cannot afford to pay promised benefits without big tax increases or cuts to schools and other services.

Copyright 2011 The Associated Press.

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Short URL: http://www.newenglandpost.com/?p=8003

Posted by jcashman on Nov 18 2011. Filed under Featured - For home page featured article. 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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