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Rhode Island deal would reduce unfunded liability to $5 bln
February 14, 2014 / 9:31 PM / 4 years ago

Rhode Island deal would reduce unfunded liability to $5 bln

PROVIDENCE, Rhode Island, Feb 14 (Reuters) - Rhode Island officials on Friday said they reached a proposed settlement in its pension reform battle, a move that could reduce the plan’s unfunded liability to $5.05 billion from a level that had approached $9 billion.

Rhode Island’s pension reform is considered among the most far-reaching of any state in the United States. Attorneys, organized labor and many in the $3.7 trillion U.S. municipal bond market have been waiting to see the outcome of mediation, including details of the settlement, for indications of what kind of pension changes could potentially survive challenges in other places.

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