Record of Testimony

Any state surplus funding could have gone into the state retirement coffers under the auspice of the state treasurer. Seth Magaziner never submitted any surplus moneys to these coffers.

Subject: 2011 State Pension Law

I retired in June, 2016, at age 66, after working for the state for 31 years. The US Bureau of Labor Statistics figures indicate that for each $1.00 in pension payments I received at that time, I would need $1.27 today, just to break even with the increased costs of living.

THANK YOU FOR TAKING THE TIME TO CORRECT AN INJUSTMENT THAT HAS HURT THE LIVES OF PEOPLE WHO WORKED HONORABLE FOR AT LEAST 28 YEARS. I HAVE BEEN RETIRED FOR 15 YEARS. I AM LIVING ON AND MAKING PURCHASES WITH MONEY THAT IS 15 YEARS OLD.

Testimony before the Pension Advisory Working Group, 14 Dec 2023 CCRI Hackett Auditorium:

December 14, 2023

The Honorable James A Diossa, General Treasurer

82 Smith Street Room 102

Providence RI 02903

Dear Committee Members:

I retired from URI in September of 2021. However, for financial reasons due to an unexpected divorce, I returned to work at URI in December of 2022 .

I have been a teacher in RI since 1995 when I became a teacher and thought I signed up for a 28-33 year commitment with a pension between 60-80% depending on the number of years I worked. BUT, the pension reform of 2011 changed all of that!!!

I started teaching at age of 37 in February 2000. At that time I was told I could retire between 60 and 62 with an approximate pension income of 50% of my salary.

To my knowledge, no one has mentioned former Gov. Gina Raimondo steering our pension monies to an PEF (Private Equity Fund) in which, I believe, she had a vested interest.