PROVIDENCE, R.I. -- Twenty three public pension plans managed by cities and towns remain critically underfunded, according to the state Division of Municipal Finance.
The plans are not expected to emerge from that critical status until 2033. The majority are not even expected to meet their required annual contribution until 2014, according to the division.
Susanne Greschner, who heads the state municipal finance division, presented the information Monday to the state commission charged with looking at the pension plans.
Narragansett, among the newest additions to the list of plans in critical status, also gave an update on how the town is seeking to improve its pension system.
The town has two plans that are in critical status: a pension plan for certain, older police officers, which is 2.3 percent funded; and the plan for town workers which is about 57.5 percent funded.
Interim Town Manager Richard Kerbel said the town expects to emerge from critical status by next year, based on recently negotiated changes with the police and firefighter unions and other hoped for changes in the union contracts for other town employees.
Among them: deferring, for eight years, the cost of living adjustment, or COLA for police and firefighter retirees.
"We feel like we've accomplished a lot of what we wanted to accomplish. Not everything," Kerbel said.
Created by Rhode Island's landmark 2011 pension overhaul law, the 14-member study commission is charged with reviewing "existing legislation and pension plan practices" and making "recommendations for the improved security and funding of locally administered plans."