It was hard for me to believe, but an article in the Chicago Sun-Times indicates that the problems surrounding the pension program in Rhode Island is actually worse than those confronting Illinois. Please a look at David Klepper’s recent article:
Considering the substantial difference in the size of the population between Rhode Island and Illinois it is clear to see that Rhode Island has a massive problem requiring major changes in the foundation of their pension plans. Similar corrective action will be required not only in Illinois but many states across the country to get the pension funds in proper order.
The required medicine will be difficult to consume, but there is just no other choice, because politicians sold their financial integrity on pension plans in exchange for re-elections votes over a period of many years. Unfortunately the majority of the people responsible for the initial wrong-doings has long ago retired, and cannot be brought before the scales of justice. The longer State legislatures delay, the worse the funding problems become. It is essential for a prompt application of a stringent overhaul or state retirees will suffer a total loss of benefits.