Sandra Paquette

Rhode Island political corruption at its worst—this describes the Pension Security Act introduced by the General Assembly in 2011, and enacted on January 21 2012.

Let me list the pertinent facts:

27,000 then retired teachers and state workers were receiving ERSRI contracted pensions which included COLAs of 3% per year. These cost of living increases were ruled to be legally guaranteed in pension rights by Supreme Court Justice Frank Williams in 2007.

The state blatantly violated the contract by withdrawing all COLAs.

Of the 27,000 retirees effected by this travesty, just 500 were able to vote at a meeting held at Twin Rivers for this purpose

A very tiny minority were notified that a meeting would take place

Of the miniscule number of mail ballots sent to selected retirees, those not returned were counted as being in favor of the terminated COLAs—despite many having been sent to the deceased and mentally incapacitated

The venue chosen for the meeting had a maximum fire code capacity of 500

Discussion by members was eliminated because of “rental expiration” for venue.Then Treasurer Gina Raimondo utilized the confiscated pension money to finance her personal hedge fund. Point Judith Capital

Hindsight revealed that Raimondo’s motivation was influenced by her goal of attaining national recognition for future political advancement, as well as to satisfy the Wall Street investors who had contributed millions to her campaign funds. In other states where similar laws were introduced, they were declared to be “Bad Laws” by the courts necessitating their withdrawal.

Despite numerous legal challenges to the enactment of this law, as well as a one year secret negotiation ordered by Judge Taft Carter, she ruled in favor of the state.

It isn’t difficult to determine the hardship sentenced to elderly Rhode Islanders who are forced to live on incomes frozen 11 years ago. The actual cost of living has risen 35% and is continuing to increase at spiriling levels.

Those effected spent lifetime careers in the service of others. They contributed to the state on a personal and financial level.

Do they deserve to be cast aside and forced to live on incomes approaching poverty levels

They are now aged in their 70’s, 80’s and 90’s.

Please right the wrong. Restore what legally belongs to those who were retired in 2012 and were literally robbed of a paid, contractual agreement

The 2030’s target date to reestablish the COLAs- recommended by our state Treasurer, is ridiculous. Current retirees will have died at that point ! Or, is this his goal??

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