Richard Fitzgerald

Many retirees have died without receiving a promised Cola benefit. Many more will if we have to wait for the fund to reach 80%. Please consider lowering the 80% threshold to 70% and also allow retirees to start collecting a Cola after 5 or 6 years after retirement. It will allow the fund to increase (although slower) while allowing retirees some Cola benefits before we die. Present retirees are taking it on the chin until this arbitrary 80% is reached.

We are bitter and betrayed after making life long decisions based on our employment benefits which were unlawfully taken away.

I urge the committee to read investigative reporter Mike Tiabbi’s Rolling Stone article “Looting the Pension Funds”. Wall Street is grabbing money meant for public workers. Our Cola’s essentially went to greedy wall streeters with incredibly risky hedge fund investments with outrageous fees and commissions.

Please restore our cola’s which were essentially stolen from us.

Respectfully submitted,

Richard J. Fitzgerald

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