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Elorza s pension proposal relies on a risky approach and an adviser linked with 38 Studios Published Tue Jun 01 2021 07:20:57 GMT+0000 (Coordinated Universal Time) The underfunded pension system in Providence is like a time bomb. That’s because the huge shortfall for long-term obligations threatens to overwhelm other parts of the city’s budget. But there are a lot of questions about Providence Mayor Jorge Elorza’s latest proposed fix. Rhode Island’s House Finance Committee is expected to hold an initial hearing on Elorza’s plan this week or next week. by Ian Donnis Providence’s pension crisis has its roots in the late 1980s. That’s when the city’s Retirement Board approved unusually generous compounded cost of living adjustments for more than 2,500 city workers and retirees. Decades later, that move helps explain why there’s a $1.2 billion gap between the pension balance and the amount owed to current and future retirees.

Rhode islandUnited statesSmith hillSeth magazinerCurt schillingLincoln chafeeMaryellen goodwinJorge elorzaMichael dibiaseMax wistowJohn marionGary sasseGovernment finance officers associationRhode island public expenditure councilRetirement boardHilltop securities