Daniel Pisaturo

Dear Treasurer James A. Diossa.

I am writing you this letter to address an issue that is long overdue and affects thousands of Rhode Islanders.  The pension reform that was enacted years ago, and is having an increasingly negative impact on the quality of life for those who are forced to live solely on their state pensions.

As constituents, neighbors, fellow retired educators, my wife and I now find ourselves edging closer and closer to the lowest income level of Rhode Islanders.  The cost of living increases everyday and yet we have a stagnant income. 

According to the ERS-RI  summer of 2022 published by General Treasurer Seth Magaziner, the pension fund earned $1,617,168,253 in the 2012 calendar year, ending the year at an all time high of $10.79 Billion in assets.  This was the highest annualized return of 17.3%.  The highest in a decade.

What I am requesting is that, if you could propose a one percent Cost of Living Adjustment for all retired state employees, it would prevent us from worrying about falling into poverty long before the COLAs are restored! Many retirees continue to be bitter about the status of our pensions after paying into it in the belief that we would have a comfortable, sustainable retirement income for the remainder of our lives! That has become less and less realistic when the cost of living continues to go up but our income does not!  It is even more critical for those who do not receive Social Security! I believe our state retirement fund is roughly at 10.8  billion dollars.  This amount  should be able to afford us a modest, possibly life saving increase.  Numbers don’t lie.  In fact a good number  of retired recipients have passed.  By 2033 (return of COLAs}, my wife and I will be 86 years old or passed, lowering the cost to the state. Think of the long awaited relief retirees would feel.   

There has to be at least 30,000 retires that would vote for you if you propose a $1000 yearly COLA.  If the 10.7 Billion state pension fund made a modest 4% increase, it would easily cover the payment to the retirees.  Numbers do not lie.  Please have your team look at this proposal.

In an election year, there may be a chance that our political leaders might have a more sympathetic ear to this cause.   That is why I am reaching out to you.  I know you have your finger on the pulse of retirees because you are one of us.  The $1000  COLA would be very welcomed. Thank you in advance for your attention to this important matter.

Sincerely,

Mr and Mrs D. Pisaturo.   

Submitted via email