Thursday, January 15, 2015

Study: RI cities, towns face $5B retiree shortfall

By Ted Nesi, WPRI

PROVIDENCE, R.I. (WPRI) – Rhode Island cities and towns owe their current and former workers more than $5 billion in retirement benefits with no money set aside to pay for them, a new state study has found.

In a report issued this week, the Local Pensions and OPEB Study Commission found that 52 local jurisdictions – 39 cities and towns, nine local school departments, and four regional school districts – have accumulated unfunded liabilities of more than $2 billion for pension benefits and $3 billion for other post-employment benefits, or OPEB, which is primarily retiree health care.

PDF: Read the local pension commission’s full report

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