October 19, 2011

Pensions

The Pension Bill

Patrick Laverty

http://www.rilin.state.ri.us/billtext11/housetext11/h6319.pdf

Looking for the pension bill? Well, there is a link to it. (h/t @tednesi) It's not really easy to find, but the State Assembly's web site and its search engines are notoriously bad. Hint, if you are recommending Netscape 6, you're probably doing it wrong.

One thing about the bill that I heard discussed on the radio this morning was that out of all the parts that have been talked about was one option not discussed since the press conferences yesterday is reamortization. However it is there, on page 14.

(b) The determination of the employer contribution rate for fiscal year 2013 and thereafter shall include a reamortization of the current Unfunded Actuarial Accrued Liability (UAAL) over a closed twenty-five (25) year period. After an initial period of five (5) years, future actuarial gains and losses occurring within a plan year will be amortized over individual new twenty (20) year closed period

Listening to the Treasurer speak yesterday, it sounds on its surface like a good start. There's a bit of blood from everyone, but now with the Assembly members picking at it, we'll see what is left when they're done.

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