Record of Testimony

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:

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.

I will not be able to attend the meeting to express my personal concerns to the Pension Advisory Working Group as I’m home sick with COVID.  I have already called and expressed my sentiments many years ago and it continues to bother me to this day.

To Whom It May Concern,