PROVIDENCE, R.I. (AP) The Rhode Island Senate has passed a comprehensive overhaul of the state's drastically underfunded public pension system.
The Senate voted 34-2 on the measure Thursday evening. The House was still debating the legislation but appeared to be moving toward a successful vote.
The legislation is intended to save billions of dollars in the future by suspending retiree pension increases, raising retirement ages and creating a benefit plan that mixes pensions with 401(k)-style accounts.
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Senate Finance Committee Chairman Daniel DaPonte calls the legislation vital to the state's fiscal health. He says that without the measure, Rhode Island would have to raise taxes or cut services to make up for ever-increasing pension costs.
Public-sector unions say the measure is unfair and vow to sue if the legislation passes.
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