PROVIDENCE, R.I. – General Treasurer Gina M. Raimondo released the following statement on today's court proceedings regarding the Rhode Island Retirement Security Act of 2011:
"I have great respect for the judicial system and it is important to let this process unfold in an orderly and transparent way. We owe that to the people of Rhode Island and to our public employees.
"We continue to believe the state has a very strong case and a terrific legal team. As I have consistently said, we will participate in court-ordered mediation in good faith."
RIRSA represented the culmination of 11 months of thoughtful, fact-based analysis and input from retirees, employees, taxpayers, municipal leaders and union leadership, as well as national pension and legal experts. It was carefully designed by the General Assembly as part of an historic special legislative session in an effort to save the state-administered retirement system for public employees.
RIRSA was enacted in November of 2011 by a vote of 57 to 15 in the House of Representatives and by a vote of 35 to 2 in the Senate and moves the state forward by:
- Allowing us to honestly tell our public employees that their retirement is secure
- Ensuring that future pension costs are predictable and sustainable
- Immediately reducing the unfunded liability by about $3 billion
- Saving cities and towns $1 billion over the next two decades
- Saving Rhode Island taxpayers $4 billion over the next two decades