BREAKING: Pension Reform Bill Passes; Heads to Governor's Desk

BREAKING: Pension Reform Bill Passes; Heads to Governor's Desk

The General Assembly overwhelmingly approved a sweeping overhaul o the state’s pension system Thursday night, and now the legislation heads to Governor’s desk for final approval.

The Senate quickly voted 34-2 in favor of the bill, with only Senators Frank Ciccone and John Tassoni voting in opposition. The House was in session for just under six hours and passed the bill 57-15.

The reforms will allow retirees to receive cost-of-living adjustments (COLAs) every five years so long as state investments perform well while switching the majority of state employees over to a 401k-style hybrid plan.

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General Treasurer Gina Raimondo has said the legislation would save taxpayers $3 billion over the next decade and the taxpayer contribution to the pension system next year will remain the same at about $300 million.