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Dear Mr. Marciano,

After performing enormous amounts of research I would have to question your credibility on a number of issues. If you are the chairman of the retirement board, I would ask you if you have ever given any thought to the number of Warwick municipal workers, (especially firefighters) that have retired before the age of 45? Have you given any thought to the fact that the model was never intended to make 45 - 50 year payouts? Since the system is a defined benefit program which has been documented all over the country as being the root cause of community fiscal stress, why hasn't the system been revamped to a defined contribution program? Why haven't any studies been undertaken as to create a formula for converting the current employee contributions to date into some form of a pay off with dividend based on market models and to convert those monies into a plan that the beneficiary needs to be responsible for managing? Please detail the safeguards that the mayor continually touts that will be put in place to protect what little assets there are in the case of a major market correction, which is being predicted by all of the Wall Street analysts.

For example, I know several police officers that have retired after 25 years at approximately $52K / yr pension benefits and they tell me that their entire career contribution was returned within the first 9 months of retirement. Is it reasonable to assume that you put 40 or 50 K into a program and expect to get 1.3 million out of it? I am not sure what level of mathematics you attained in your educational history, but certainly, you dont need to be a Harvard MBA to figure out that the current formula doesn't work. All we hear from the mayor is nice catch phrases of "built in corrective mechanisms" but he cannot explain what they are. Maybe you can?

You can easily go on RI Freedom and Prosperity and count the number of Warwick employees retired by age 45. I have no problem with anyone retiring at age 45, however, the rule needs to be that no one, I repeat, no one receives a pension dime until the age of 65, just like the people who are paying out these insane benefits. Now theres some reform that takes som cahonies.

From: Petri flyer ‘misleading, quite inaccurate’

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