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Rhode Island Politicians Do The Right Thing…Someone Alert The Media!

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Rhode Island’s liberal politicians team up to pass a series of proposals conservatives have been touting for years…sadly, this is news.

Good news in politics is rare these days, but an event that qualifies is the liberal state of Rhode Island’s recent landmark pension reform. Gina Raimondo, the state treasurer who led the effort, visited the Manhattan Institute yesterday to explain the miracle, and it turns out she didn’t need heavenly powers, only political nerve and good judgment.

The plan enacted in November cuts $3 billion of the state’s $7 billion unfunded liability by raising the retirement age, suspending cost-of-living increases until the pension system is 80% funded, and even moving workers into a hybrid plan that has a smaller guaranteed annuity along with a 401(k)-style defined-contribution plan.

http://online.wsj.com/article/SB10001424052970203471004577142973695704092.html?mod=WSJ_Opinion_AboveLEFTTop

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