Joe Hart

I am a retired police officer (Sept 2018) who served 30 years from 1988 to 2018. While in a Private Pension Plan System, I became part of a team that moved our pension from that private plan to the MERS Retirement System and this was in 1995. We went from a 1% uncompounded COLA to the 3% compounded that the MERS program offered. Our union was more than overwhelmed at this chance as it would only increase our post retirement benefits! Our contribution also decreased from about 9.6% to 9%. This was a win-win! While completing this change, the State of RI accepted our application and we moved a very generous amount of money from our private system to the state system, but leaving enough to fund the pre-MERS members.

When we caught wind of the pending reform, we thought as Police Officers that not only would be exempt from this but were alsp protected by our Town/Union contract. Well, we all know what happened and we suffered. My high 3 years went to 5 years, the COLA (if funded at 80%) would be base upon a fixed amount of approx $27,500, and, instead of maxing out at 75% at 30 years, I would have to work approx another 2 years to gain my 75% maximum pension. Luckily, there was one caveat that allowed MERS Police members who serve 30 years and attain the age of 58, the chance to recaculate our annual % pension increase. So it would change from 2.% to 2.25% for every year after the legislation and note that prior to this, the % was 2.5 year.

Since September 2018, my pension has only increased by 2% ovder 5 years with a dollar value of $1191. Part of the issue / defficiaency was due to the Pensioin Reform Act and the fact that our invidual pension account was never funded at 80%. And we found out more over time as well. Apparently when we switched into the State Plan from the Town Plan, each member paid their 9%, however, the State never required the town to pay their share as we were well overfunded at first. The Town has been catching up ever since and I really do not if our plan has attained the 80% funding requirement.

In retrospect, I/we all wish the State accepted more feedback from the unions in the MERS program. Has we been approached, the Police Unions would have offered concessions to helps the retirement system. I applaud the work that is being done and I certainly hope our legislative officers will give some relief.

Thank you in advance,

Joe Hart

Retired LT - North Kingstown Police Department

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