Tag archive for Gina Raimondo

How pension reform shrinks R.I. deficit

Rhode Island Governor-elect Gina Raimondo rose to political prominence engineering a difficult pension reform in the Ocean State back in 2011. Now one of her challenges as governor will be grappling with a state budget deficit that, by her calculation, will be much larger if the courts overturn those reforms after a long legal battle…

In Rhode Island, running for governor and from fiscal reality

Rhode Island’s gubernatorial candidates Gina Raimondo and Allan Fung have been crisscrossing the state suggesting creative solutions to the economic challenges facing the Ocean State. However, they have not been as creative in proposing fiscally responsible ways to pay for them.
If any state could benefit …

GOP’s Fung has his own R.I. pension reform story

State Treasurer Gina Raimondo’s victory in the Sept. 9 Rhode Island Democratic gubernatorial primary has attracted a lot of national attention (see here, here and here, for instance) in large part because of her successful state pension reforms. But her Republican opponent, Cranston Mayor Allan Fung, has his own retirement reforms to tout in a state where municipalities have been under severe pressures from rising retirement costs, too…

Rhode Island pension settlement sets discouraging precedent

Rhode Island will not experience much new fiscal harm from the deal just reached to “soften” the state’s 2011 pension reform. Assuming it’s enacted, after what some have predicted will be a “cumbersome ratification process,”  95 percent of the original savings will still be realized. Instead of …

Winners and losers in Rhode Island

The settlement between the state of Rhode Island and its public employee unions–in which the unions agreed to drop their lawsuit against pension reforms in exchange for the state modifying terms of the reforms–still leaves in place some of the most significant changes to government pensions that we’ve seen anywhere since states and cities started trying to deal with their retirement debt in the wake of the 2008 markets’ collapse. That’s the good news…

Four pension myths

Public awareness of state and local governments’ pension struggles is now at an all-time high, thanks to increased media attention in recent years. Though generally a welcome development, there are downsides, as not all pension coverage has hit the mark.
Recent news coverage and reports have served more to misinform …

Pension funds’ chase for yield continues

A key principle of public finance is stability. Government budgets support essential services that must be provided during both the peaks and troughs of the economic cycle. Some instability is inevitable, but a well-designed fiscal policy tries to minimize it, by, for example, reducing governments’ …

RI pension case goes to court

Perhaps the most closely watched lawsuit challenging state pension changes gets its day in court today, as the state of Rhode Island seeks to have a judge dismiss the suit by government unions, who claim the pension changes are unconstitutional. The importance of this case …

Can you handle the truth?

TIP Logo.pngLast year, Rhode Island General Treasurer and 2011 Manhattan Institute Urban Innovator award winner Gina Raimondo crisscrossed the Ocean State with a simple message to lawmakers, citizens and public employees: the public pension problem was about math, not politics. Her successful pension reform proposal was based on a report entitled “Truth in Numbers,” which shined a light on the real costs and liabilities facing her state. It was an honest effort that forced everyone to take a hard look at the facts, and in the end, take action. Now a national, non-partisan coalition of policy organizations and citizen groups – Truth in Pensions - has come together to demand the same sort of transparency in state and local government pension accounting.

Meanwhile, in Albany …

cuomo_250x.jpgThe governor is talking tough (when he isn’t comparing himself to Gumby, that is), unions are blaming everything on “Wall Street greed,” and lawmakers in both parties would prefer to remain noncombatants. 

Welcome to New York State’s pension reform war.

It began in January, when Governor Andrew Cuomo rolled out a so-called Tier 6 pension plan as part of his 2012-13 budget proposal. The plan would retain the existing defined-benefit system while raising the retirement age, increasing employee pension contributions and reducing the benefit level for new employees only.