NEA’s Walsh gives thumb’s down to leaked pension overhaul plan
Robert Walsh, executive director of the National Education Association Rhode Island, says his union will fiercely oppose the pension overhaul plan due to be unveiled Tuesday if it closely resembles the leaked version whose details were published today by the Providence Journal.
In particular, Walsh says plans to freeze cost of living adjustments, COLAs, for retirees would sap their buying power of retirees:
For folks at the lower end of the pension scale, that’s the difference between getting medications and not getting medications, or eating or not eating, or paying your mortgage or not. This is going to have a devastating effect on the Rhode Island economy.
Treasurer Gina Raimondo says she’s sympathetic to the concerns expressed by Walsh, but that sacrifices are necessary to solve the state’s pension problem.