NEW: Raimondo—‘Time to Avoid Future Catastrophe’
Monday, August 01, 2011
Reacting to news that Central Falls has filed for bankruptcy, General Treasurer Gina Raimondo said she is more determined than ever to reform the state pension system so other communities are not faced with such drastic cuts to retiree benefits.
“Given today’s action, the governor and I are even more resolved to pursue comprehensive pension reform this fall to protect other state and municipal retirees and employees as well as taxpayers from the heartache of the drastic measures being taken in Central Falls. None of these groups did anything wrong and allowing this to happen again is unacceptable,” Raimondo said.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTShe added: “The Governor, General Assembly and I have an opportunity to move swiftly and thoughtfully to find a comprehensive pension solution that provides for retirement security as well as affordability. The time for state leaders to act is now, so we avoid future catastrophe.”
Raimondo also said she did not expect today’s move to “hinder the state’s ability” to access bond markets.
“While today’s difficult decision by Governor Chafee to file for bankruptcy was not made lightly, I am hopeful this means the citizens of Central Falls can begin to move forward and rebuild their community,” she concluded.
If you valued this article, please LIKE GoLocalProv.com on Facebook by clicking HERE.
