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Rhode Island Unions Move to Block Pension Overhaul

Attorneys representing various public-sector employees argue in Rhode Island Superior Court that the reversal of signed contracts was illegally unilateral.

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Comments (1)
This is a huge and precedent setting case. Although each state is different, a success by RI to reign in run away pension costs for state workers will be a significant benefit to the credit worthiness of all municipal state and local government issuers as well as a first, although modest, step to break the death grip that municipal and state worker unions have over the political process in many jurisdictions. The example of RI, WI, IN and NJ to stop the unsustainable escalation of entitlement expense gives hope for some balance between the interests of taxpayers and creditors versus those of state workers.
Posted by mdwjr | Monday, June 25 2012 at 9:46AM ET
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