RE: Paying the Pension Piper – Board Approves ROI Assumption Reduction

Earlier today, the pension review board was presented with an actuarial study concerning the RI Pension system. After the presentation, the board voted 9-6 to reduce the assumed rate of return on pension investments from 8.25% to 7.5%, which was the figure recommended by the study. The ProJo has the roll call:

• General Treasurer Gina Raimondo, serves as chairwoman YES
• Richard A. Licht, state director of administration YES
• Thomas A. Mullaney, associate director of the state budget office, designated by the state budget officer YES
• Daniel L. Beardsley, president of the R.I. League of Cities and Towns YES
• Four public appointees — two by the governor and two by the state treasurer, all subject to Senate approval (years in parentheses represent when terms expire)
Gary R. Alger (2011) YES
Frank R. Benell Jr. (2013) YES
M. Carl Heintzelman (2011) YES
Jean Rondeau (2012): YES
• Two active teacher representatives; Finelli serves as vice chairman
William B. Finelli YES
John P. Maguire NO
• Two active state employee representatives elected by working teachers union members
John J. Meehan NO
Linda C. Riendeau NO
• Louis M. Prata: active municipal employee representative elected by working union members NO
• Two retiree representatives elected by the plan retirees
Roger P. Boudreau NO
Michael R. Boyce: NO

Sorry union delegates, covering your eyes and ears isn’t going to make the problem go away.

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Mike Cappelli
Mike Cappelli
10 years ago

OK….more evidence that the unions in this state simply do not give a damn. They want what they want and the rest of us can go to hell.
This is way too funny!
Must be the solidarity thing…we stick together. More like, together you stick your heads up your @ss. Priceless.
They really make it easy to hate them.

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