On Thursday, Rhode Island legislators approved reforms to the state's pension system. The reforms cut retirement benefits for current and former workers. The changes will force workers to move to 401(k) plans, and ends cost-of-living adjustments for retired workers. The legislators say that the changes were necessary due to the problems facing the pension system. The law is expected to face legal challenges from unions.
See "Rhode Island Public workers to See Reduced Benefits", Michael Corkery, The Wall Street Journal, November 17, 2011