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Unions Challenge Rhode Island Public Pension Plan Overhaul
Bloomberg Link to more items from this source
July 27, 2012
"Rhode Island Treasurer Gina Raimondo championed an overhaul last year of one of the nation's worst-funded public pensions, setting out a road map for states and cities by curbing benefits and delaying retirements. Now the revamp, which took effect this month, is facing a legal challenge from unions. If successful, the lawsuit could produce fiscal 'devastation' by spurring more municipal bankruptcies in a state already on the verge of falling back into recession, according to Raimondo, a 41-year-old Democrat. While the court action may take months or years, it's being closely watched as it may provide guidance in other states where similar legal battles have arisen ... Rhode Island is also unusual because, unlike in California, where court rulings have sided with labor to protect benefits, there is little precedent to guide the outcome[.]"

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