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RI unfunded pension liability climbs 27 percent

Rhode Island's retirement board on Wednesday approved a new set of assumptions that estimates the state's unfunded pension liability is 27 percent higher than previously thought.

By MICHELLE R. SMITH, Associated Press | Updated on April 14, 2011

PROVIDENCE, R.I. (AP) — Amid an investigation by the U.S. Securities and Exchange Commission about the state’s bond offerings, Rhode Island’s retirement board on Wednesday approved a new set of assumptions that estimates the state’s unfunded pension liability is 27 percent higher than previously thought.

The changes also mean that taxpayers could be on the hook for at least $156 million more in contributions to the retirement systems for teachers and state retirees in 2013 alone.

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