Rhode Island Governor Lincoln D. Chafee signed the Rhode Island Retirement Security Act of 2011 into law this afternoon at the Rhode Island State House.
"This legislation demonstrates to the rest of the country that Rhode Island is serious about getting its fiscal house in order," Governor Chafee said. "I want to stress, though, that this is not a cause for celebration. I take no joy in the pain this will cause for thousands of Rhode Islanders. But the most important objective was ensuring retirement security for those in the state system -- and this legislation achieves that goal."
"The Rhode Island Retirement Security Act spreads the burden evenly among the three main interested groups: retirees, current employees, and the taxpayer," Governor Chafee continued. "Everyone has been asked to share in the sacrifice to shore up our state system."
"I am now more encouraged than ever that Rhode Island is up to the task of taking on our most difficult and daunting challenges," Governor Chafee concluded. "But to do so will require collaboration and cooperation of the sort that has brought us here today. It is my sincere hope that we can next address our state's failing independent municipal pension plans, and that we can enact legislation in January that puts our cities and towns on solid financial footing and achieves truly comprehensive pension reform."