Sep
27
Major Changes Under Rhode Island Pension Overhaul
ByAs states and municipalities struggle with rising pension costs, the governor, legislature and labor organizations in Rhode Island were able to agree on reductions to pension obligations and avoid tax increases or other financial burdens. Here are some of the most significant changes.
Cost of living adjustments
Before: Retirees’ pensions increased by 3 percent each year, compounded.
After: Annual increases for retirees are suspended until the pension system is at least 80 percent funded; when they resume, the rate of increase will apply only to the first $25,000 of a retiree’s pension…
Major Changes Under Rhode Island Pension Overhaul
