WARWICK, R.I. (AP) - Rhode Island officials say annual taxpayer costs for state employee pensions are set to increase by about $75 million over the next three years.
According to estimates approved by the state Retirement Board Tuesday, state and local governments have put $413 million into the pension fund to pay for retirement benefits in the year that ended June 30. That's projected to rise to about $432 million this year, $460 million in fiscal 2020 and $488 million in fiscal 2021.
The Providence Journal reports the pension fund's total unfunded liability, including benefits for state police officers and judges, grew by around $45 million this year, despite increasing payments into the system.
The projections estimate the unfunded liability for both teachers and state employees will begin a long decline starting this year and approach fully funded status in the 2030s.