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We can dance around the base issues all we want, but the bottom line is, the old pension formulas don't work any more. they're unsustainable and unaffordable. Don't forget, the retirements of a half century ago, when senior family members of today's retirees were state or municipal employees, pensions were based on high percentage of low wages, and at an early age when life expectancy was not so great. As life expectancies and wages grew, pensions for future employees should have changed, too - but they never did.

And now they simply cannot be carried any more. Is this fair? Generally speaking, no. What's in the contract is binding, as union workers (including myself) held as gospel.

My advice to you all - and by "you" I mean any and all potentially-affected state and municipal employees and retirees - is to come up with a reasonable, viable. and affordable alternative to the EngageRI supported plan. Beating your collective chests over service records, no matter how deserving of praise they might be, accomplishes nothing (nothing positive, anyway). But keep in mind, you're trying to win over people whose pensions don't even approach yours, and in almost every case, do not include COLAs.

Know that going in.

From: Open letter to General Treasurer Gina Raimondo and the Pension Advisory Group

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