Working Group Formed To Go Over Providence Pension Liability


(Providence, RI) -- A new working group has been formed in Providence to address the city's massive unfunded pension liability. Mayor Jorge Elorza had petitioned the state legislature to borrow over seven-hundred-million dollars to plug the gap, but the bond failed to pass before the regular session ended. Elorza said Monday the option is still on the table, possibly for the General Assembly to consider in a special fall session, but the working group which includes state lawmakers and financial advisors will consider alternatives.

Photo: Getty Images


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