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Elorza's pension proposal relies on a risky approach and an adviser linked with 38 Studios


Elorza s pension proposal relies on a risky approach and an adviser linked with 38 Studios
Published Tue Jun 01 2021 07:20:57 GMT+0000 (Coordinated Universal Time)
The underfunded pension system in Providence is like a time bomb. That’s because the huge shortfall for long-term obligations threatens to overwhelm other parts of the city’s budget. But there are a lot of questions about Providence Mayor Jorge Elorza’s latest proposed fix. Rhode Island’s House Finance Committee is expected to hold an initial hearing on Elorza’s plan this week or next week.
by Ian Donnis
Providence’s pension crisis has its roots in the late 1980s. That’s when the city’s Retirement Board approved unusually generous compounded cost of living adjustments for more than 2,500 city workers and retirees. Decades later, that move helps explain why there’s a $1.2 billion gap between the pension balance and the amount owed to current and future retirees. ....

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Law sets highest staff mandate in US for RI nursing homes


PROVIDENCE  Gov. Dan McKee on Thursday signed into law a nursing-home staffing mandate that loomed large over the 2020 elections amid an aggressive drive by the Services Employees International Union to oust any state lawmaker unwilling to commit.
While the nursing-home industry warned legislators the mandate would result in closures, advocates of the legislation said it would prevent residents from having to endure long waits for care and boost the wages of currently overstretched staff. 
Today we take a step forward for staff, residents and their families, McKee said during the signing ceremony outside the State House. Stronger staffing standards and [more] funding for direct care staff will help raise the bar on resident care in our state. ....

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