RIPEC President and CEO Comments on Providence Pension Obligation Bond Proposal

RIPEC President and CEO Michael DiBiase testified before the Rhode Island House Finance Committee in support of the City of Providence’s proposed $515 million pension obligation bond (POB), which includes stronger guardrails than last year’s proposal. The POB was among the recommendations made by the Providence Pension Working Group, co-chaired by RIPEC, to address the city’s $1.2 billion unfunded pension liability. The unfunded pension liability is “not sustainable,” DiBiase told WJAR 10.

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