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The authors are forgetting that retirees have contract rights and there is no incentive to 'negotiate' any reductions. Bankruptcy may be the only way for Providence to move forward.

Please don't compare Providence with Warwick. Most of Warwicks pensions are fully funded. It is the healthcare that is underfunded. Warwick is no where near bankruptcy. Providence is perilously close. Warwick has started to do things to make the city avoid Providence's mess. If they can get the teachers and fire department under control, there is a good chance for fiscal health.