Experts React to Rhode Island Pension Reform Agreement
Following the announcement a pension settlement proposal has been reached, Governor Lincoln Chafee, General Treasurer Gina Raimondo and attorneys representing public employee unions and retiree coalitions issued a joint release in support of the result of the court-ordered mediation -- and leaders in the Rhode Island community are now weighing in ... (more)
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#1 Feb 17, 2014
I worked for 26 years before the 2009 and 2010 pension changes. These changes said you can collect a cola three years after retirement or at age 65 which ever comes later. I started work at age 22 right out of college and worked 29 years before retiring at age 51. I put in the time required by my contract at the time I was hired. Before the 2010 changes I would have received a cola every year. Now I will not receive a cola for more than 16 years my SOC Sec retirement age. This so called settlement didn't look at any of the changes made in 2009 and 2010 only the RIRSA 2011 changes. Oh boy, what sports they are giving me a one time $500 payment instead of over 14 years of cola. I have truly been screwed. Where were the unions to look at the 2009 and 2010 legislative changes. If retirees agree to this scam of a settlement we will never be able to bring up these points in court again. Retirees have really gotten the short end of the stick on this deal.. Don't be fooled by their insulting offer. VOTE NO to the settlement. Who knows when they will once again try to take more. There is nothing in the settlement which says this won't happen. For the working people, vesting was not brought up at all, and oh boy you can retire at 65 instead of 67 and will not have any recourse after. Don't forget you can pay a few more percent in, too. Too bad we have wasted over a year trying to mediate with these people. So disappointed in the union representation. Makes me wonder what was in it for the people working on this. VOTE NO
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