Portsmouth, Rhode Island

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Portsmouth is a municipality in Rhode Island.

Public pensions

Main article: Rhode Island public pensions

The Portsmouth Town Council voted last month to slash its locally run pension plan’s projected rate of return from 8% to 6.75%. The state lowered its return forecast from 8.25% to 7.5% last year. Portsmouth and other Rhode Island communities with independent pension plans were ordered to obtain new studies of their financial health under a provision of the landmark state pension law enacted last November. The new rate of return and other changes cut the Portsmouth pension system’s funded level from 61.5% to 51.7%. The Portsmouth pension plan had 286 members as of July 1, 2011. The number of retirees collecting a pension from the plan rose to 83 last year, up from only nine in 2001. Taxpayers’ yearly contribution to the pension plan spiked from $1.2 million in 2002-03 to $2.8 million in 2012-13.[1]

External links

Find information for this town and the local public school at the Transparency Train Portal to Government Transparency - an online database of information provided by the Ocean State Policy Research Institute.

References