Rhode Island faces financial disaster if lawmakers fail to pass a wide-ranging pension-overhaul plan, Gov. Lincoln Chafee and Treasurer Gina Raimondo warned Monday. The pair are seeking to switch state employees to a plan that combines 401(k)-style accounts with traditional pensions, to raise retirement ages and to suspend cost-of-living pension increases. "Passing this reform has enormous implications for Rhode Island's economy," Raimondo said.

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