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:

Greetings. I am approaching the end of my first year of retirement from state service. Prior to retiring, I understood that I would be receiving a pension, and assumed it would be in the form of fixed income.

Pension Testimony

My name is Mark Sullivan I did not work the state of R.I. I worked for the City of East Providence for thirty years.

I have been negatively by the pension reform. I originally taught for 4 1/2 years in a private school. I stayed home with my children for 11 years. Then I subbed in public schools for several years. Soon after being hired in a public school in 2000, I purchased five years in the pension system.

December 14, 2023

The Honorable James A Diossa, General Treasurer

82 Smith Street Room 102

Providence RI 02903

Dear Committee Members: