PROVIDENCE, R.I. -- The $380-million cost to Rhode Island taxpayers of the pensions provided retired state employees and teachers is rising again -- along with the state's unfunded pension liability -- for a host of reasons, including a significantly less-than-expected return on investments, according to a newly released report.
The required taxpayer contribution to the state pension fund would rise from a projected $380.3 million next fiscal year to $404.5 million in the budget year that begins July 1, 2014, if the Retirement Board adopts the "employer" rates that its actuarial consultants recommended earlier this week.
The taxpayer contribution for state employees would rise from a projected $157.1 million to $168.1 million; for teachers, from $223.2 million to $236.4 million, with the state paying 40 percent and the communities that employ the teachers paying 60 percent.