PROVIDENCE, R.I. (AP) — Just weeks after overhauling the state's public pension system, Rhode Island lawmakers plan to consider giving cities and towns the power to revamp municipal pension plans.
Mayors around the state warn that without the ability to cut pensions, their cities will have to raise taxes or slash services to keep up with the ever-escalating cost of providing the retirement plans for municipal employees.
"This lingering albatross around the necks of many cities and towns is going to drain our resources," said Cranston Mayor Allan Fung, whose city faces an unfunded pension liability of $256 million, slightly larger than the city's entire annual budget. "It has to be resolved."
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