PROVIDENCE, R.I. (AP) — Hundreds of Rhode Island firefighters and other public workers lined Statehouse hallways Tuesday as state leaders unveiled an ambitious and politically charged proposal to overhaul the state's hemorrhaging retirement system.
In an address to the General Assembly Gov. Lincoln Chafee and Treasurer Gina Raimondo called for a new approach that would raise retirement ages, halt automatic cost-of-living pension increases and create a hybrid retirement system that combines traditional pensions with 401(k)-style accounts.
"The consequences of not passing bold reform affect all of us," Raimondo, a Democrat, told lawmakers. "Not passing a bold reform will result in tax increases, painful budget cuts and a pension fund that could run out of money before many of today's employees enter retirement."
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