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Chafee/Raimondo preview pension reform in letter to state employees

September 30, 2011

Reiterating many previously publicized points, state Treasurer Gina Raimondo and Governor Lincoln Chafee have sent a “pension preview” letter to state employees. Here are some excerpts:

— “We want to make clear that first and foremost, we will propose no change in the retirement age for those already eligible to retire, and we will not propose any incentives to retire. Continuing to work means you will continue to accrue benefits.”

— “Any pension solution must be comprehensive and solve this problem once and for all.”

— “[O]ur pension reforrm proposal will not reduce any benefits that have been accrued by both active employees and retirees.”

— [P]ension reform must limit COLAs. We are exploring . . . . a temporary COLA suspension; tying COLAs to investment returns and pension plan fiscal stability; and/or limiting COLAs to a lower fixed dollar amount.”

— “We . . . . expect that taxpayers will continue to do their share to ensure the solvency of the pension system.”

The formal details of the Raimondo-Chafee plan is expected to be made public in the first half of October.

4 Comments leave one →
  1. Al Moncrief permalink
    October 3, 2011 6:53 pm

    RAIMONDO CANNOT GRASP THAT A PENSION COLA IS AS MUCH A CONTRACTED PENSION BENEFIT AS ANY OTHER PENSION PROVISION.

    Raimondo is terribly confused, for such an educated person she has a quite limited grasp of reality. Her stated intention is not to impact accrued pension benefits, then in the next breath she states that she intends to attempt to take accrued pension COLA benefits. I know that she has the intellectual capacity to understand that a COLA is an accrued benefit, that the COLA has the same force in law as any other pension provision. However, at some level she refuses to accept this.

    If Raimondo worked as a treasurer for an insurance company, and one of the products that was sold by the company was an annuity with a COLA, would she argue that the insurance company did not have a contractual obligation to pay the contracted COLA? Perhaps the company desires to use funds set aside for the COLA to construct a new headquarters building. Would Raimondo argue that it was acceptable for the insurance company to breach its contracts with customers who purchased annuities in order to divert funds to another purpose? Also, for an elected official to even consider theft of a contracted benefit from retirees with the hope that their theft may someday withstand court muster is immoral, and a sad commentary on the state of our nation. If you don’t like the terms of a contract, you should not become a party to that contract. This truth is apparent to nearly all Oxford graduates.

    Prospective, legal pension reform options are available. Visit the NCSL website to find a list. Raimondo has stated that she doesn’t want the legislature to have to revisit this issue in two or three years. That is exactly what will happen if the Legislature adopts prima facie unconstitutional pension reforms.

  2. October 17, 2011 11:49 pm

    Why is every body giving her all the credit, eventhough you say she has this and that going for her, you’re only going by what’s on her resume, but, she’s out of touch with reality and is psychotic and a horrible general treasurer. I hope she loses everything she owns, she spits up in the air, it will come back to her right in the face. She should not have been elected to this office, Frank Caprio was way better than her. It’s surprising he didn’t run for re-election, but he chose to run for governor instead, Chafee was aspiring to become governor since he lost the 2006 bid for re-election, and it’s too bad that the gubernatorial race in 2010 had to be a real rat race. Caprio, could have simply sat back and say, yeah I’ll just go for re-election again in 2010. I think that he and Chafee would have made a much better match with this pension reform, instead of this ugly snoot faced hirsute Raimondo. She’s a Rhodes Scholar Whore, who is trying to little by little to promote terrorism in this state, that is what they teach at Oxford Idiot University. Billy Clinton went there too, and look what he did. White suckers I am so tired of that’s what these interlopers like Raimondo do. White Suckers are the ultra right wing arched conservative elites that want to jip people out of their entitlements and a throw back to Reaganism.

  3. October 18, 2011 12:15 am

    I know, I hope she ends up a baglady in an alleyway in five years. This is her mentality. Otherwise she’d better start taking her medication, because her schizophrenia is seen coming a mile away. I would like to go to visit the Statehouse, but don’t like the fact that the cuckoo bird she is is there. There are just some people who would scare them all away, she’s a vampire. So I think I will dress up as her for Halloween.

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