Johnston's Pensions Still Critically Unfunded; Mayor Says No Plan in Place
The town remains without a plan to close the unfunded liability gap.
Johnston’s pension plan is still in bad shape and is without a plan, reports the Johnston Sunrise. Rhode Island cities and towns that are listed in “critical” status were asked to submit a plan by Nov. 11.
Now two months later, Mayor Joseph Polisena said it will be another two to three weeks before they have something in place, reports the Sunrise. The town has a growing $96 million unfunded pension liability and another $229 million unfunded liability for Other Post Employment Benefits (OPEB).
Rhode Island law requires that local pensions be funded at 60 percent. Johnston, at 30 percent funded, is at half the required level.
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