PROVIDENCE, R.I. (AP) — Rhode Island's retirement board has voted unanimously to raise taxpayers' contributions to pension plans for state employees and teachers.
The board's vote comes about a month after it approved a new set of assumptions that placed the state's unfunded pension liability 27 percent higher than previously thought.
Wednesday's vote means the state's contribution rate for state employee pension plans will jump over 10 percentage points — to over 36 percent from 23 percent — for the fiscal year starting July 1, 2012. The contribution rates for public school teachers that fiscal year will also rise, to over 35 percent from about 22 percent.
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