Could the economic principles put forth in the Rhode Island Retirement Security Act be an archetype for locally-administered pension plans that were also underwater?
Could the economic principles put forth in the Rhode Island Retirement Security Act be an archetype for locally-administered pension plans that were also underwater?
The Richard Paul Richman Center for Business, Law, and Public Policy at Columbia University Case Series
In 2011, Rhode Island's total state pension fund liability was more than one-third unfunded and 10% of every state tax dollar went to funding public pensions. Previous attempts at pension reform had not solved the system's structural problems. Gina Raimondo, Rhode Island's General Treasurer, championed the Rhode Island Retirement Security Act of 2011 to ensure a sustainable public state pension system that was fair to all employees, both young and old.