Pensions
About a month ago, I presented a comparison of estimates for the nation’s public-sector pension problem. While none of the results were encouraging, there was huge variation in the degree of frightfulness — the difference mainly being in the way in which they calculate liabilities. One of the economists, Andrew Biggs, of the American Enterprise…
I’ve been following taxpayer migration data for years, but in a haphazard way. A new study that I’ve coauthored for the RI Center for Freedom & Prosperity finally gave me the opportunity to review all fifteen years of available data from the IRS. The picture — from the 2003 beginning of what can only be…
The local efforts by the Rhode Island Center for Freedom and Prosperity to shine a light on the pension mess have brought national attention: A locally published interview with a member of the national pension task force, assembled by the RI Center for Freedom & Prosperity, has caused a stir in Warwick, puzzling the Mayor,…
When General Treasurer Gina Raimondo led the way in edging down the projected rate of return for Rhode Island’s state pension fund from 8.25% to 7.5% (and tweaking life expectancy assumptions for the system), the President of the Cranston Firefighters Union, Paul Valletta, accused her of cooking the books to create a problem where none…
Can’t talk about the bill, it’s still in committee… Can’t talk about the bill, it’s still in committee… Can’t talk about the bill, it’s still in committee… Why do you want to talk about that bill? Everything important about it was decided in committee.Justin Katz of the Ocean State Current (and Anchor Rising too) has…
WPRI’s Matt Smith reports that at a special meeting held this evening, town leaders said if West Warwick continues on the same path as they are currently on, there will be no assets in the pension fund by 2017. Officials also said they believe the town is on the same track as the bankrupt City…
An alert Ted Nesi reports that, in a special meeting tomorrow late afternoon, the Providence City Council will take a second, final vote on pension reform. Note that this would affect not current workers, but current retirees. The proposal would freeze retirees’ pensions for about 24 years and shave at least $236 million off the…
The Projo‘s Randal Edgar reported last evening that former RI Auditor General Ernest Almonte is considering running for Governor of Rhode Island as a Democrat (h/t Ted Nesi via Twitter)…Former Auditor General Ernest A. Almonte said Monday that he is “seriously considering” a run for governor in 2014. Almonte, who stepped down in 2010 after…
Governor Chafee will unveil his “Critical Plan Empowerment Act-Municipal Pensions” today in Pawtucket. Ian Donnis got an early look at it. As I read through his article, my hands rose to applaud the Governor’s initiative. Governor Lincoln Chafee’s bill to aid struggling cities and towns — slated to be unveiled later this week – would…
I have no intention of making Anchor Rising an RSS feed for my work on the Ocean State Current, but I think this story is a bit of a doozy. As the city finds itself downgraded, partly based on the 17.8% funding of its locally administered pension plan, Cranston police and fire retirees are receiving…
