October 31, 2011

Removing Pension Dollars from the RI Economy

Justin Katz

Union reps and pension testifiers have been arguing that reducing pensions will harm the local economy. Using the RI Center for Freedom & Prosperity's pension database, though, I've looked at some relevant numbers, including the fact that the state sends $142 million in public pension payouts out of state.

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Correction; the pension reform will only reduce future pension growth, not reduce pensions.

The pension growth limitation plan will be offset by the money left in the pockets of property tax payers (which includes all of our small businesses struggling to survive) when the lesser future pensions lead to lesser property tax levy growth.

More people win in the tax savings scheme than in the pension increase advocated by AARP and the unions.

I support the plan that gives us all a "shared" benefit.

Posted by: John at October 31, 2011 9:07 AM

I am retired @ 2yrs. from public school teaching.
I went over and over the numbers I was PROMISED before I did retire. I was PROMISED for years about what to expect. I cannot decide to remain on the job 2 or 3 more years - the job is gone! I can't put more money aside now..my pension is $26K per year. Yes, you know about the rising costs of everything. I have to pay $340/mo for Blue Cross alone. Change my pension, in any way,
and I will probably need to ask for other social services to help me make ends meet, adding to RI's other deficits.

If the promises to me are broken, Ms Raimondo, you can't tell the upcoming folks they can now DEPEND on pension promises. If I counted on mine and they are taken, then NO ONE, ever, should COUNT on new pension promises!!

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