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Outline of Chafee-Raimondo pension overhaul

October 13, 2011

Governor Lincoln Chafee and State General Treasurer Gina Raimondo have been keeping their pension proposal under wraps meet quietly with business and labor leaders to fashion a solution to billions in potential red ink in the state retirement system.

But State House sources tell Rhode Island Public Radio that any plan will include 4 major elements:

  1. A sharp cut in cost-of-living allowances for retirees.
  2. An increase in the retirement age to become eligible for a full pension.
  3. Refinancing the state’s long-term pension liabilities under a system known in pension lingo as reamortization.
  4. Phase in of a hybrid system that will include elements of a 410k contributory plan that will have the most effect on younger employees.

 

3 Comments leave one →
  1. Cognotus permalink
    October 13, 2011 8:55 pm

    Isn’t this old news? Really old news?

    • October 16, 2011 3:36 am

      Yeah, I know, I hope it will be real soon, and gone and forgotten soon enough, I’ll just have to pray the rosary is all, works for me everytime.

  2. October 16, 2011 3:31 am

    Working with Raimondo is another big mistake for Governor Chafee. He doesn’t seem to be the same Lincoln Chafee he once was. If only he wouldn’t work with Gina Raimondo anymore he would be just fine. That pension thing is such a huge farce and why isn’t Raimondo on her own with it? If she has one idea, and he has another, there is no agreement with it. I am very glad that it leaked out to the press, may teach someone a lesson.

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