Most of Rhode Island’s local pension plans are floundering

Editor’s note: This is the second of a four-part series exploring how well Rhode Island cities and towns are funding municipal pension and benefit plans and the public-policy ramifications.

Detective James Brady sits outside a coffee shop on Atwood Avenue in Johnston when a man approaches to say hello.

“How’s retirement?” Brady asks.

“Love it,” the man laughs. “Not many people can say they retired at age 44.”

The two exchange pleasantries before the man jumps into a pickup truck and drives away.

“He’s a retired firefighter from [Johnston]. He’s in the same pension as we are,” Brady explains. “You see the attitude? Happy-go-lucky, not a care in the world. He knows the trouble it’s in. But that seems to be the norm around here: Don’t worry about it until it explodes.”

….

Read the original on Providence Business News here.

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