Slideshow: Mayor Fung’s warning to pensioners in CranstonSeptember 18th, 2012 at 9:57 am by Ted Nesi under Nesi's Notes, On the Main Site
Among Rhode Island’s 36 locally run pension funds, few are in more trouble than Cranston’s plan for police officers and firefighters hired before July 1, 1995. The plan has $55 million in assets to cover a total liability of $311 million – only about 18% of what it needs.
Mayor Allan Fung says retirees’ COLAs need to be suspended to resolve the plan’s funding problems and, in Angel Taveras fashion, he went to them directly last week with this presentation:
Cranston Patch’s Mark Schieldrop has firefighter union chief Paul Valletta’s reaction.
• Related: Allan Fung: ‘Listen: pension reform … has to happen’ (March 28)