Last updated 12:53PM ET
May 28, 2012
RIPR News
RIPR News
Raimondo holds pension workshop
(2012-01-25)
(RIPR) - State Treasurer Gina Raimondo told an audience of municipal officials today that getting a deep understanding of their local pension problems is the key to solving them. Cities and towns are supposed to complete actuarial studies of their local plans by April 1st.

Raimondo told the more than 40 city and town officials that getting accurate baseline information was a key for last year's overhaul of the state pension system.

"I don't believe we would have gotten done what we did if we didn't spend enough time focusing on the problem," Raimondo tells officials. "How big is your problem, how did you get there, what are the key cost drivers, what are the real implications of your pension problems?"

Thirty-six local pensions in 24 communities were left out of the last year's pension reform. Those pensions represent about $2 billion in unfunded liability. Some local officials say doing nothing about rising pension costs will spark further property tax hikes.

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