W Scott McCrae

I retired in 2013 after 27+ years of service to the State, the last 21 years as a DCYF Social Worker. The 2011 Pension Reform legislation was passed on my 59th birthday.

I made an informed decision to retire because, post 2011, I knew what the deal would be and the percentages of pay I would receive. This was not true for any State Employee who retired prior to the 2011 law's passage.

The State has reneged on the Pension Reform agreement by not depositing operating budget surpluses into the Pension System to hasten the day the Employee Retirement System would be 80% funded, triggering the return of COLAs.

Unanticipated inflation has eaten into my pension's buying power.

• COLAs should first be returned to those who retired prior to the 2011 changes. To lessen the cost, COLAs should be based on the first $50K, as this would incorporate about 75% of all retirees.
• Cities, towns, and government entities should not be allowed to opt out of paying into Social Security.
• RI Public Pensions, or a percentage of same, should be exempt from RI State Income Tax. While this would not assist retirees who moved out of RI, it certainly would be an incentive to keep RI's in RI.

Lastly, if finances remain limited and only incremental changes can be made, I would advocate first for the return of COLAs to retirees aged 75 or older as most of them will die before the projected 2031-32 COLA return date. Again, limit those COLAs to the first $50k of pension.

The Pension Reform law of 2011 had profound unintended consequences that become more obvious as time goes on and the cost of living goes up.

I hope the working group will make realistic proposals to the Legislature this year to mitigate those unintended consequences.

Furthering the status quo is unacceptable and will continue to harm Senior Citizens who vote.

Submitted via online webform