Former Auditor General Ernie Almonte delivered a 20-page report on Pawtucket’s pension and retiree health plans to Mayor Donald Grebien on Thursday, eight months after Grebien asked him to lead an ad hoc commission studying the issue.
“The City of Pawtucket has a seriously underfunded pension system and an unfunded OPEB (other post retirement employee benefits, e.g., health insurance),” the report says. It lists a long list of options for dealing with the problem, including larger contributions from the city and suspending pension cost-of-living adjustments (COLAs) until the plan is 80% funded.
Grebien described the report as “impressive in its scope and depth,” and said he will review its findings “with his administration and finance directors, in conjunction with union leaders, to determine options and recommendations that will be sent to the City Council for approval as required by the state.”
Click here to download the full Pawtucket pension report as a PDF. (Under last year’s pension overhaul, Rhode Island cities and towns are required to submit plans for shoring up their pension plans by next month.)
• Related: Pawtucket panel plans 6-week sprint to solve pension problem (Feb. 23)