While we have been following the on-going saga of public service pensions and some bloggers have been keeping us apprised of what other cities in the County are doing, here is the Wall Street Journal's quick take on major changes that have happened in Rhode Island

The plan enacted in November cuts $3 billion of the state's $7 billion unfunded liability by raising the retirement age, suspending cost-of-living increases until the pension system is 80% funded, and even moving workers into a hybrid plan that has a smaller guaranteed annuity along with a 401(k)-style defined-contribution plan.

How did they do it, you might ask?  The state treasurer notes that Rhode Island already suffers from the nation's fifth highest tax burden–a full 10.7% of per capita income.  Depending on which study you use California sometimes comes in fifth as well and the 10.7% number alligns well with where Gov. Brown thinks we need to be!  The RI state treasurer goes on to note that education and transparency were key, everyone in the system had to give something and they avoided blame for the mistakes of the past.  Wise words!