As state and municipal leaders face the financial repercussions of their pension obligations, many are testing to see if there are ways around those contracts.
By Sam Gallegos|August 22, 2012 at 08:21 AM
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For many states and municipalities, the reality seems clear and ugly: figure out a way to reduce growing pension obligations or file for bankruptcy.
In Rhode Island, state treasurer Gina Raimondo used the power of her office to suspend cost-of-living increases to retirees, lengthen the time required before workers can earn a pension and offer an alternative 401(k) plan to state workers, one that significantly reduces the amount the state has to contribute.
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