April 13, 2011

RE: Paying the Pension Piper - Board Approves ROI Assumption Reduction

Marc Comtois

Earlier today, the pension review board was presented with an actuarial study concerning the RI Pension system. After the presentation, the board voted 9-6 to reduce the assumed rate of return on pension investments from 8.25% to 7.5%, which was the figure recommended by the study. The ProJo has the roll call:

• General Treasurer Gina Raimondo, serves as chairwoman YES

• Richard A. Licht, state director of administration YES

• Thomas A. Mullaney, associate director of the state budget office, designated by the state budget officer YES

• Daniel L. Beardsley, president of the R.I. League of Cities and Towns YES

• Four public appointees -- two by the governor and two by the state treasurer, all subject to Senate approval (years in parentheses represent when terms expire)

Gary R. Alger (2011) YES

Frank R. Benell Jr. (2013) YES

M. Carl Heintzelman (2011) YES

Jean Rondeau (2012): YES

• Two active teacher representatives; Finelli serves as vice chairman

William B. Finelli YES

John P. Maguire NO

• Two active state employee representatives elected by working teachers union members

John J. Meehan NO

Linda C. Riendeau NO

• Louis M. Prata: active municipal employee representative elected by working union members NO

• Two retiree representatives elected by the plan retirees

Roger P. Boudreau NO

Michael R. Boyce: NO

Sorry union delegates, covering your eyes and ears isn't going to make the problem go away.

Comments, although monitored, are not necessarily representative of the views Anchor Rising's contributors or approved by them. We reserve the right to delete or modify comments for any reason.

OK....more evidence that the unions in this state simply do not give a damn. They want what they want and the rest of us can go to hell.
This is way too funny!
Must be the solidarity thing...we stick together. More like, together you stick your heads up your @ss. Priceless.
They really make it easy to hate them.

Posted by: Mike Cappelli at April 13, 2011 4:54 PM
Post a comment

Remember personal info?

Important note: The text "http:" cannot appear anywhere in your comment.