Leonard Cambra

To the Esteemed Pension Advisory Working Group:

At 32 years old I was hired in 1998 to work for the Woonsocket Education Department.  Back then, I had to work a minimum of 28 years to retire with 60% of my pension.  In 2011, at 45 years old, everything changed.  I am now 57 years old, will work until I am 63, and retire with less than 40% of my salary.  I have tried very hard to contribute to my 403b to recoup the loss, but it is impossible. 

The initial pension reform/s took absolutely no account of people like me within its calculations. People who did not enter state/public service as their first career; who were in their mid-life when the reforms took effect; who were given no choices of plans, and who were unjustly lopped into the same category as those just embarking on their careers. 

I feel like I’m constantly staring down the barrel of a loaded shotgun. I would urge greater equity in the pension plan.  PLEASE have much greater concern for those who were around my age, and years in service who were so terribly affected by the overhaul. 

Might I simply suggest that for 30 years service tied to a minimum age requirement, all such individuals be eligible to collect 50%.  That the 50% minimum be tied to penalties for those leaving prior to a set retirement date, and that for each year beyond 30 years of service employees be rewarded with an additional 2.5%?

We are facing a dire shortage in educators.  The starting salaries across the board are low given housing costs, few are entering the profession, and those who do, are looking at states where the retirement is greener. RI needs something which will encourage existing teachers to stay longer and will encourage others not only to take up the career, but to do so, in RI.   Before this reform took place, I could have worked in Vermont as a teacher.  There, after 20 years, I could have retired with 50% of my salary. I’d chosen to stay in RI because I’d thought 60% would have been better.  If my family circumstances had been different when the changes occurred, I would have left RI, to work in Vermont, and still made out better, and retire earlier, with a greater percentage.

Despite every effort and sacrifice I have made to invest and offset that 20% loss, it is almost certain, I will need to sell my house and move outside of RI in order to be financially secure.  After what will amount to 30 plus years of service, and to retire with less than 40% of my salary is simply a sad commentary of how the pension reform has affected me.  My  TIAA contributions from 2011-present total less than 35k. I’m not sure how anyone thinks that pithy amount will generate enough income to keep me afloat in conjunction with less than 40% of my state pension. 

Thank you for your time and careful attention in this matter.

Submitted via email