Statement from Governor Chafee Regarding the Rhode Island Retirement Security Act

I am very pleased that the Board of Directors of the Greater Providence Chamber of Commerce today voted to endorse the Rhode Island Retirement Security Act (RIRSA), the comprehensive pension reform plan that Treasurer Raimondo and I submitted to the General Assembly this week.

RIRSA asks each of the three main interested parties – retirees, current employees and the taxpayer – to do their share to comprehensively address this problem. Everyone must share in the sacrifice to restore fiscal health to our pension systems and to help our economy recover.

The Board’s vote expresses the Rhode Island business community’s commitment to truly comprehensive reform – an approach that addresses both the state and municipal pension systems. As I have consistently stated, failure to fix our municipal pension problems in particular will result in higher property taxes for homeowners and businesses or severe cuts in municipal services. Pension reform will not be complete if we neglect the fiscal crises affecting our cities and towns.

I am grateful for the Chamber’s support and urge its members to continue to advocate for this important legislation, because it is essential to the future economic prosperity of our state.