How Rhode Island, a deep blue state, reformed its public pensions

Rhode Island, facing a $600 million shortfall--peanuts compared with Illinois'--in its pension funds, overwhelmingly approved pension reform. According to Reuters:

The legislation, called the Rhode Island Retirement Security Act, would suspend cost-of-living adjustments for those collecting state pensions and raise the retirement age for most employees.

It would also set up a hybrid system for state employees and teachers, mixing a traditional pension with a retirement account similar to a 401k. The bill is unusual in that it affects current employees and retirees as well as new hires.

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