“What isn't being talked about is why the pension system is underfunded. Could it be that politicians used pension money as a private piggy bank? How well can you "fix" a probelm when you don't even begin to address it's root cause. Do a little homework, the very people who are supporting this gina crusade are the same people crusading against OSHA and the EPA. They are not doing this to help the State or the taxpayers, this is an effort to weaken the work force and improve their own bottom line.”
Jeff Brown CFP on Nov 13, 2011 at 18:55:02
“Warfire911, you make some accusations and comments that are just left leaning talking points, naive and unfounded. Part of the legislation includes strict definition of fiduciary duty of retirement board members, as well immediate and mandatory notice to Gov. Treasury, leaders of both house and senate and participants in board doesn't follow advice of actuary or makes decisions w/o consulting state actuarial firm. This was added because over the past three decades, this board eliminated the minimum retirement age, doubled pension credits (nearly) for service past 21 years, added COLA, raised discount rate to 8.25 (against advice of actuary (1997), while the 80% democratic general assembly added numerous buy back and service credits that allowed credit for basically walking a neighbor's dog for pennies on the dollar.
So, understand that the plan is properly being fixed, sans going far enough to enable muncipalities a similar amount of relief and ultimately not correcting things fast enough, while at the same time reamortizing debt (one again) to future generations of Rhode Islanders.
Perhaps you should do a little homework and see that thousands of Rhode Islanders, including most all human service agencies are supporting comphrehensive pension reform as it will help to starve off another muncipal (if not several) bankruptcy in our small, union-encumbered state.”