Rhode Island is ground zero for pension reform right now. The state, which has found itself with an unfunded pension liability of between $7 billion and $9 billion, has proposed a hybrid defined benefit/defined contribution plan to reform its retirement system.
The state is not alone.
Over the past two years, 40 states "made significant changes in their pension plans," said Ron Snell, senior fellow for the National Council for State Legislatures. "That's not counting states like Massachusetts, Rhode Island and Ohio that are looking at it right now."
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