Pew: RI Still has “Serious Concerns” About Unfunded Pensions & Health Care
The Pew Center on the States is out with an “update” (PDF) on public employee retiree pension and health care benefit debt owed by the states (h/t ProJo).
They provide three ratings for the two categories: Solid Performer, Needs Improvement and Serious Concerns. Despite giving Rhode Island (report here) positive marks for addressing it’s pension problem with “an unprecedented package of reforms,” the fact remains we are so far behind the 8-ball that they still rate our pension liability as a having “Serious Concerns.” As for Health Care, they note Rhode Island has a $775 million liability and had not funded any of it by 2010. Again, they rated it as having “Serious Concerns.” In 2010, Rhode Island did pay 100% of the “recommended” contribution to fund retiree pensions, but only 69% of “recommended” contribution to fund retiree health benefits.
Nationally, Rhode Island joined ten other states who had serious concerns in both categories (Arkansas, California, Connecticut, Hawaii, Illinois, Louisiana, Mississippi, Montana, New Hampshire, New Jersey & New Mexico). Several states were “Solid Performers” in one while they didn’t do as well in the other category. Only one state was deemed a “Solid Performer” in both categories: Wisconsin. I wonder what they did?