Projo 7 to 7 News Blog

I started in state service at 22 and finished my URI degree a few years later. At that point, I made a choice to continue with state service for the security, benefits, etc, even though I would have made tons more money in the private sector. Right now I have 10 yrs to go before I can retire. With the governor's proposal I will be forced to stay another 19 years, which would equal 37 years of state service. A more equitable proposal would be to increase the minimum years where you can retire at any age. Right now, it is 28. Increase it to 30 for example, then the State would get two more years from us, and we don't have to work a lifetime to get a benefit that was guaranteed to us when we were hired.

I'm in plan B, so welcome to my world. We are in a crisis caused by the liberal leaders in the house who have wasted every one time fix to keep social services spending out of this world.

If the State eliminates the 3% COLA that workers receive in the 3rd yr.of retirement,then all remaining employees who have contributed to the system should receive a partial return of contributions and their future contributions should be reduced since their rate of contribution was raised to cover said COLA.Taking money and promising a benefit is a contract,and like an annuity the terms cannot be legally changed without agreement by the contributors.As an aside though,how does eliminating a COLA that would not take effect for 3 yrs.and forcing more people into a system that has been deflated by market conditions help this State's deficit ?Every job can't be left vacant and if the earnings of the pension system can't cover the payout ,then the State is mandated to make up the difference.The chickens have come home to roost in this down market because the State has not been making its contribution (the other side of that coin)since the system was self-supporting until recently.