Record of Testimony

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.

The changes made by the “Rhode Island Retirement Security Act of 2011” are unjust for many reasons. Chief among them is that many workers like myself took lower pay for future promised benefits that are now greatly diminished.

I feel I was wronged I will have 30 years of service with the city of East providence when I will be 52 years old and I will have to work another 11 years after that to avoid major penalties. With Costs. The pension reform happened when I had 13 years in and was already vested for 3 years.

Hello- I began my career with the State of Rhode Island in 1987, what I signed up for back then is no longer in existence.

I was hired in 2000, was promised a certian pension after 10 yrs. That's when you get vested. You should have changed it for new hirires. I had a 20 year plan when I got hired, I'm on 4yrs overtime have to do another 5yrs to get the same money I would have got after 20 yrs.

Enclosed please find a list of Points to Consider to support the restoration of the Cost of Living Adjustment (COLA) for the group previously referenced.