RIPEC President and CEO Comments on Providence Pension Obligation Bond Proposal

In response to a plan from the City of Providence to borrow up to $850 million in pension obligation bonds, Michael DiBiase submitted written testimony to the House Committee on Finance that acknowledged the “enormous challenge” Providence’s $1.2 billion unfunded pension liability poses but warned that the city’s proposal is an “investment risk” that could “make the situation worse,” and moreover “contains no structural reforms of pension obligations, either in the form of reduced benefits or increased employee pension contributions.”

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