PROVIDENCE, R.I. (AP) — In five years, the cost to taxpayers for Rhode Island's public retirement system will more than double if nothing is done to curb runaway pension costs.
That was one of several sobering facts that legislative aides presented to state lawmakers Wednesday as they began to work on overhauling the state's public retirement system. Next month the General Assembly plans to convene a special legislative session devoted to pensions.
For lawmakers, solving the complex pension puzzle raises legal, financial and political problems. Public-sector unions and taxpayer watchdog groups are watching the debate closely. The outcome is likely to touch off legal challenges and affect the state's financial health for years to come.
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