R.I. pension committee to meet Wednesday
7:28 PM Tue, Aug 26, 2008 | Permalink
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In a sure sign that the State House is waking from its long summer slumber, the House of Representatives commission studying the state pension system will meet tomorrow for the first time since the General Assembly recessed back in June. Established in January by House Speaker William J. Murphy and chaired by fellow West Warwick Democrat Timothy Williamson, the 19-member commission is studying ways to help reduce the high costs of the state employee pension system. The commission was expected to report out its findings by the end of this year's legislative session, but chose to extend its work. Tomorrow's meeting is scheduled for 3 p.m. in room 313 of the State House. On the agenda: a presentation of a proposed actuarial study of the pension system along with a projected timeline for completing that analysis and presenting the findings. The goal of the commission, according to its website: "to educate the public as to the options available to the General Assembly when dealing with this most important issue."
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Here's something for the pension committee and the actuary to ponder:my acct.tells me that had a typical state employee contributed for the past 35yrs.,at the same rate as their forced contribution to the state pension system, to a "balanced" mutual fund, (historic yield 8%), even w/o a state contribution ,(which they have not made at the previously agreed upon rate for years),he/she would not only have a very large lump sum,but also be able to draw a payment comparable to any pension they receive.The state pension system may have been originally established to benefit the employees,but now it is nothing but a giant piggy bank that is used to guarantee bonds for iffy projects and a pool of money for politically connected investment houses and individuals to churn to generate commissions.And the taxpayers think THEY have been 'taken for a ride' !
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Two Democrats from West Warwick.
Yeah, this will end well for the taxpayers.
I'm as certain of that as I am of the fact that uni-brow union flunkies will end up ghost-writing whatever pablum is produced by said "committee".
Apologies to the good people of West Warwick. But your politicians need to get real jobs. See also your track record of humiliation and corruption.
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The American way: make promises THEN figure out how to pay for them. Defined Benefit pension plans are not used in the private sector (without "uni-brow union flunkies" running the show) for a reason. They are too expensive and carry too much liability. Wake up RI. Check out this site: http://pensiontsunami.com/
Unions sleeping with politicians are killing this country.
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