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Archive - May 20, 2013 - News Article

Panel to advise DOR of city's pension status

May 20, 2013

WOONSOCKET – The latest actuarial data confirms that the financial condition of the city’s locally-administered pension plan for police and firefighters meets the state’s definition of “critical” because its assets have dipped below 60 percent of its liabilities to pensioners.
The data from USI Consulting means the city is no longer exempt from having to file a Funding Improvement Plan to the state Department of Revenue under a law passed last year by the General Assembly.

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