April 22 (Bloomberg) — Rhode Island plans to sell $79.5 million in bonds this week after efforts to settle litigation over its pension overhaul failed less than two weeks ago.

Rhode Island is offering the general-obligation debt to retire older bonds and save $3.3 million, according to Standard & Poor's. The ratings company ranks the securities AA, its third-highest level.

In 2011, the Ocean State passed "bellwether pension reform" that saved $400 million annually on the obligations, Moody's Investors Service analysts led by Marcia Van Wagner said in an April 17 report.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.