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5/2/2022 MEDIA ADVISORY: Senate Finance Committee to hear testimony on Providence pension bond legislation
STATE HOUSE — The Senate Finance Committee is scheduled to meet Thursday to hear testimony on legislation related to Providence’s unfunded pension liability.

The committee is scheduled to meet Thursday, May 5, at the rise of the Senate (about 4:30 p.m.) in the Senate Lounge on the second floor of the State House.

Members will hear testimony on legislation (2022-S 2321) introduced by Senate Majority Whip Maryellen Goodwin (D-Dist. 1, Providence) that would authorize the city of Providence to finance a contribution towards the unfunded pension liability of the employee retirement system by the issuance of bonds in the principal amount of $515,000,000.

If the bond is issued, Providence would have 25 years to pay it back at a fixed rate. The plan has the approval of the Providence City Council, which passed a resolution urging the General Assembly to approve the legislation.

The Senate Finance Committee is chaired by Sen. Ryan W. Pearson (D-Dist. 19, Cumberland, Lincoln). The meetings will be streamed live online Via Capitol TV at   

For more information, contact:
Daniel Trafford, Publicist
State House Room 20
Providence, RI 02903