Rhode Island Braces For Muni Crises In Wake Of Central Falls Bankruptcy

Rhode Island Braces For Muni Crises In Wake Of Central Falls Bankruptcy
"The filing was a wakeup call for Rhode Island, which is suffering from widespread pension crises. Combined, the state's municipal pension plans are only 41% funded, and face an unfunded liability of $2 billion.
Rhode Island's unfunded obligation (at the state level) is $6.8 billion, and some experts argue it could actually be as high as $9 billion."

And municipal pension underfunding is only the tip of a giant iceberg that includes retiree healthcare benefits.