Rhode Island Is 'Being Crushed' By Pension Debt, Treasurer Urges Major Overhaul Of Retirement System Grace Wyler May 24, 2011, 5:56 PM Rhode Island's retirement system needs a swift and dramatic overhaul to save the state from collapsing under its massive pension debt, according to a new report from state treasurer Gina Raimondo. The report, out yesterday, suggests several radical solutions to the state's pension woes including, reducing benefits, suspending cost-of-living adjustments, raising the retirement age, and implementing a new "hybrid" retirement system that would couple a smaller pensions with a 401k-style plan. The report, "Truth In Numbers: The Security...