Pension Reform Bill
on its Way to Passing Passes
According to members of the RI press corps providing blow-by-blow coverage of the pension reform bill floor debates via Twitter (Ted Nesi, Ian Donnis, Bill Rappleye), save for an initial amendment backed by leadership that doesn’t seem to make any major changes, debate on amendments in the RI House of Representatives has closed with no other amendments being passed, and the Senate has already passed the final bill with the same amendment that was added in the House, and no other amendments formally considered.
And just as I post the above item, Ted Nesi tweets…
Amdmt that passed from leaders includes 5.5% tax on state contractors as labor wanted. Earhardt says that will be a problem.So I guess it’s still accurate to say there were no major changes to the actual pension plan, just the addition of a new tax.
The House has passed the pension reform bill, by a vote of 57-15. The 15 Reps who voted against were…
Carnevale, DaSilva, DeSimone, Dickinson, Fellela, Guthrie, Hull, Jacquard, Johnston, Lima, Medina, Menard, Messier, Palumbo, San Bento
Rhode Island General Treasurer Gina Raimondo has made her public statement celebrating the passage of the pension reform bill…
This legislation represents the culmination of 11 months of thoughtful analysis and input from all stakeholders. It is affordable, sustainable and secure.
The legislation will:
- Save taxpayers approximately $4 billion over the next 24 years.
- Keep costs steady and predictable for taxpayers for decades to come, while sharing the risk fairly among all groups – state employees, teachers, municipal employees and taxpayers.
- Provide retirement security to all of our public employees.
- Immediately reduce the unfunded liability by about $3 billion.
- Bring the funding status of the state-administered pension system from 48 percent funded to over 60 percent funded and put it on a healthy path.