Dean Albro

I retired from state service in 2008 after 30+ years. At that time the state informed us of significant cut backs to our medical benefits if we did not retire before Oct. 1, 2008. There was no incentive of $20,000.00 to leave as in subsequent years. This was truly a disincentive to ensure we would not stay. Then comes 2011 and the law is changed to basically eliminate the annual cost of living allowance we as state employees were led to believe for many years that we would receive after retirement. In addition even if we received a COLA, it would now be only on the first $30,000.00 of our retirement. I knew then that this would be devastating since financial systems have documented since the 1920’s that inflation rates have continued to be 3+/-% on an annual basis. According to the US Bureau of Labor Statistics the purchasing power of my pension dollar in 2011 is now 40% less in 2023. I do not need to spell out in detail what this means to me and my family. Just think about what it would mean if your salary was cut by this percentage.

According to other government statistics I have already reached the age of life expectancy for a male at 73 yet the retirement system is not expected to reach 80% funding until 2031, another 8 years. Unless something is done to rectify this, it is unlikely that I will see any meaningful increase before my demise. Upon retiring I took the option to provide my wife with 50% of my pension upon my death. At this juncture, it is looking like the value available to her will be worth only 25 to 28% of that original 50%. That cannot be right under anyone’s judgment.

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