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Elorza s working group frames Providence pension crisis as a statewide issue Published Mon Jul 26 2021 22:22:54 GMT+0000 (Coordinated Universal Time) Members of a new pension working group unveiled Monday by Providence Mayor Jorge Elorza said residents and elected officials across the state need to be more concerned about the threat posed by the pension crisis in the capital city. by Ian Donnis
After Elorza made preliminary remarks during a virtual news conference, most of the other speakers underscored the need for all Rhode Islanders to be aware of Providence’s $1.2 billion in unfunded pension obligations.
City Council President John Igliozzi said even some elected officials don’t realize how the pension gap “is a constant drag on the city’s growth and ability to move forward. By the way, if the city can’t move forward, neither can the state. That’s why this pension issue is so important to address.”
Providence Mayor Jorge Elorza on Monday announced a working group to reconsider how to address the city s massive unfunded pension liability.
The announcement comes after a bill to authorize a $704-million pension obligation bond failed to pass before the close of the legislative session.
However, Elorza said it s not an idea that we have abandoned but something that we’re going to actively look at. The scope of our procedure should not be limited to just that, he added, making clear that he will also consider alternatives. Let’s look truly comprehensively to what reform looks like for our structural financial challenges that we have.”
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A new Rhode Island Public Expenditure Council (RIPEC) report released this week warns that with the influx of federal pandemic relief funds, policymakers should not use the one-time infusion to create bigger government in the state.