I will relocate before I pay one more dime to fix this coprrupted mess.
The Puiblic sector pensions are way above commerical private sector pay outs while pay in is well below the outside commerical market plans. Unless they reform to SS retirement age and private pension payout rates their is no hope of reform. Better to go bankrupted and let a judge give all working and retired piublic sector employees a hair cut.

The thing that really burns me up is when a person getting a federal pension wants to complain about other people getting a pensions.

Public sector is public sector... doesn't matter if it's a state pension or a federal pension. Most state employees pay in to the system but are not in charge of how that system is managed (or mismanaged). There is no reason they should be penalized when they paid their money into the system only to have it squandered by a bunch of politicians.

Absolutely not. The pensions were an over promise, no real funds to support the payout structure. Pensions should be cut, reformed and brought within realistic guidelines. Tax payers should not be burdened with errors of pension administrators & government officials.

The unfortunate thing is we as tax payers are going to pay for it whether we like it or not. They'll never come out and say "Guess what RI" but every person paying taxes in the state will be responsible for covering the tab the state legislation created by "borrowing" from the pension system after deeming it illegal for the private sector to do the same thing.

We are already paying for this in the form of higher borrowing costs that the capital and bond markets have built into most recent RI bond offerings. That's why its critical to get things like school done under budget and to get all the recent utility and sewer work resurfaced. However the dickering and delay which have been the watchword of those two endeavors suggests Newport is burning.

My math is based only on the paltry public information available but Newport needs 3.5 percent annual growth in revenues to just tread water- i.e. not fill the pension shortfall. I don't see how it can even do that in the face of declining property values, a dwindling middle class and an alarming reliance on low wage (and heavily subsidized) seasonal tourism and college students- all under the backdrop of a prolonged 70's style recession.

Will the last sane person in Newport do their part and turn off the lights when you leave?

D.S.
When the topic of the penson's short fall comes up, no one talks about how we got there. Yes, state workers and teachers do pay into the system with the agreement that they would get something in return (no other option). But only a certain group gets the big prize.
What is the reason that we are in this mess? Maybe it is because during the 90's the HOUSE OF THIEFS (state house) did not contribute the State's share into the system. Or maybe it was the judges and state police which rec'd 100% of their salaries and did not contribute to the system. Before we increace taxes, the plan should be to make the golden cows to either contribute their share (9%) of their salaries or rec'd their pensions from the time the golden cows started contributing. For the people that have all the answer, please let me know why the former governer's wife was put on the pay roll for $1,00.

I would be willing to pay for the unacceptable mess we are in because, well, frankly, I have no choice. The State and Municipalities have no money other than what they take from us, plus the occasional revenue stream like the beaches. That said, we need to plug the giant, gaping hole in our system which allows these overgenerous benefits to even be considered by small handfuls of people negotiating contracts. I personally feel there should be no pensions. Almost every other sector, industry, etc. in the country has done away with pensions. Why do we still have them here? We have them because they are sweetheart benefits which can be used as bargaining chips. There are no easy answers to the massive debt issue. There is one simple answer to the ongoing problem... Pass a state law eliminating pensions for all current and new employees. Ensure that the law covers municipalities as well. Provide a standard employer match for an employee-managed retirement fund. It seems most of the country offers a structure that equates to a $.50 match for every dollar, up to 4% of the employee's salary. Then chip away at our current obligation through whatever means necessary to ensure our children's children's children won't be burdened with paying this debt in perpetuity.

Having grown up in Ma, and being so close to RI, Ive always considered myself more of a Rhode Islander ..... and when I decided back in 2005 to open my business in RI... I felt very positive that I would be a long standing member of the business community in this great state... and having been through the economic downturn and still surviving .....With talks of raising the bridge toll yet again... now this ? If this were to pass, I will definitely consider relocating my business! I suppose however... they will find some other way to screw us all for their mistakes and mis managements. In business, if you mess up, you go out of business. In government...it seems you still get your paycheck even if your not providing positive results. We can vote them in, why cant we fire them ? Just sayin !

HELL NO!! We are one of the highest tax brackets allready..now raise it again!

I would like to see all current pensions be renegotiated before agreeing to burden taxpayers with the fix. Bring ALL pensions in line with national standards (30 years minimal service required - 35 years for full pension) and stop double dippers from making a sham out of the process.

1. We elected the politicians
2. Politicians made contractual agreements
3. Politicians failed to properly fund pensions they agreed to
4. Politicians borrowed against an already underfunded pension system

It’s our fault, we put these buffoons in office (and will again) and so we all shall pay.

I love the halfwits who blame the employees. These employees contributed the correct amount to the system and are now losing their benefits. Yes, blame the little guy for the conduct of the idiots we continue to put in office.

Agree with Mike. It is everyone's problem to solve and everyone is gong to have to help fix it. While I agree that the employees did what was agreed to, if they aren't part of the solution there will be nothing left for them. And a lot of them are residents who voted in this group as well. We all have to fix it.

Mike and a few others hit the nail on the head. These meatheads were elected....i.e. .....we get the government we deserve. It's time to wake up and get this state (and fed) government overhauled.

Could anyone tell me why tax payers should continue to pay for the mess the union bosses and their willing co-conspirators in the legislator created? If real reform isn't done this time around Rhode Island will be out of options... folks, anyone been following what's been happening in Detriot? Median single family home in greater Detroit is now less than $90K (RI is $205K and falling) personal crime risk is measured at 403 (when this same measure is 100 as a national average... lower the number the lower the risk)... wake up people, this is truly serious what's happening at the State House! Union rank and file, you must demand reform so your retirement will be sustainable and don't accept lies that suggest tax payers will continue to fund this monstrosity in perpetuity!

PS - by the way, maybe there would be a few extra bucks to dig us out of these fiscal catastrophies if the illegal alien issues were appropriately addressed. Maybe we need to focus on helping our legal citizen's first. Just a thought.

I'm from Detroit. Born and raised, left 6 yrs ago. Perfect example of corrupt hard left social governing. Thanks Coleman Young & Kwami. The unions contributed to snuffing out automotive. Believe me, you do not want this. PS - I also still sell bank owned real estate there...that 90k median number seems way too high. Most sales past 6 mths under 50k.

Jeannie, I lived in Mt. Clemens in the 80s and believe me when I went back in 2006, it has changed even for the worse! This from when the auot industry suffed its worst recession in the 80s! So you know exactly what I am talking about... it is hard to imagine Detriot getting worse than when I lived in the area, but it most defenitely has! I see Rhode Island on the same trajectory and now having lived in RI since Detroit, it's deja vu! BTW, the 90K figure I got from the Internet, but I'm sure you're right because I was recently in Northern Ohio and the folks there were telling me plenty of homes in the Detriot and surounding area were going for $7-8K... now they are bull dozing them! God help us all if Rhode Islanders don't wake up soon...

The tax payers are going to pay one way or another....The Cost Of Living, will continue to rise, & this includes property taxes, utility rates, gasoline, heating oil, & for those who pay for a portion of their healthcare, which UNC increases every 2 yrs like clockwork. Once you freeze the COLA, blue collar employees especially, will begin to qualify & apply for assistance, from both the federal & state government. All of that gets paid for by your taxes. Those that pay for a portion of their healthcare has those payments taken automaticlly from their retirement check so that cuts into their net income from the start. Remember just a few short months ago RI ranked as one of the worst states to do business & live in because of the high Cost Of Living. This economy is consumer driven so making it more difficult for people to be one, will make it tougher for this state to get on it's feet though it never fully does anyway.....Those who can do so will pack up, grab their retirement, while also saying good bye to the variety of taxes they pay in this state & move to one with a far more manageable Cost Of Living & help the economy there. That has been, & is already, happening. I'm sure some "genius" will have some smart remark to say about that, but you'll be left behind to make up the financial difference for those that have left & will leave in the future......So either way everyone will pay. The only question will be how.

For those who think we all make huge salaries, my gross income from my retirement Before any deductions for healthcare, taxes, etc, is less than $30,000/yr & that is after 30+ years of service.....I would also like to add that if this state is in such sorry financial straights then how is they always seem to find money to hand out pay upgrades to non-union management/middle management types & those in favored unions like the RI Alliance of Social Service Employees(Local 580). These upgrades will give each of those that got them Two Pay Raises In One Year. I mention Local 580 because the former administration really only attacked unions that represented blue collar workers. Local 580 has a clause in their contract that gives it's members an Extra $19.00/hr when they work on weekends & the former administration seemed to have no issue with that & gladly signed that contract.

Bear401, you will be pleased to know most people know that rank and file are only making a fair wage and just trying to survive like the rest of us. We're all in this together! The problem is, as you pointed out, politicians propped up by union leadership are being completely dishonest with both you and I... they made promises they can't keep and try to cover with lip service and deflect blame! Our corrupt politicians are literally destroying our state and driving away job producers. That does no one any good! You worked damned hard, was promised a pension for which you planned your retirement around and now you're faced with this calamity. The trouble is, instead of doing the right thing (like not giving free tuition, health benefits, social services, food stamps, etc. to illegal aliens) the corrupt legislative partners of your union bosses continue to lie to you. They point are pitting tax payers against rank and file members as a distraction. I empathize with you and all honest hard working rank and file members. The real villain is your leadership and the corrupt politicians who continue to buy votes with promises they can't keep. None of us want Rhode Island to become Detroit... but if they succeed in their lies and no real sustainable pension reform is forthcoming, Rhode Island will become Detroit... check it out online... trust me, we don't want to go there!

Unfunded pensions have nothing to do with the unions it has to do with management promising something to the workers and then spending the money on something else. If they had put that money away at the time instead of saying we can spend it now and just put it back later we would not be in this mess. The workers upheld their part of the bargain and the politicians mismanaged the funds. Blame the politicians that created this mess and then blamed the workers to cover their own butts to get reelected.

Dexter & Robert I agree with what the two of you have said. One of my major omplaints with the union that represented me was that they kept their mouths shut for too many years as we were torn apart in the media by everyone running for Governor with lies & total misrepresentation of the facts. Suddenly they run into a strongly anti labor/working class administration like the last one & Now they are trying to play catch up against all of what has been said over the last 25 years. I would like to know where they were when the state was "borrowing" from the fund as well as not putting in their part of the donation to the retirement fund. The state took that money and added to the top of an already top heavy bureaucracy by creating more positions for cronies in management & pay upgrades to others. I saw it happen year after year......Let's not forget the big selling point the state gave all of us for the creation of a state lottery all those many years ago. The profits after deducting operating costs was supposed to be divided up & returned to each municipality to fund the school budgets. Well the state stole than money too.....Some people will try & blow off all of these things by calling them a "drop in the bucket." Well there have been A Lot of drops like these put into that bucket & now it's overflowing & the employees are expected to pay for it.

nuff said... to straighten out this mess we just need to clean house up in Smith Hill so that we have honest and ethical representation!

Here is a unique idea. How about the Public Union members fire most of their high paid lobbyist and cut the pay of all union bosses in half. Then take that money along with all the union dues money that those bosses have put aside to buy the votes of politicians, plus what money was to be spent to defeat the politicians that won’t do what they want and put all that money back into their members retirement funds. Then the union members could have their dues cut or set that money aside into a 401K every year. Additionally, we could put a surtax on the retirement pensions of all the politicians that voted for these unsustainable pensions. Then I guess the taxpayers are stuck for the rest of the money, unless I missed something.

For all those in favor occurring the public sector pension... why stop at the state level? Let's do the same at the federal level too. No more collecting federal pensions for those retiring in their mid 40s... Let them wait until they reach retirement age. After all, those pensions are also paid by the tax payers.

Pensions are deferred payments for work done. "Benefits" are pay for work, not a handout. Pensions and benefits are arranged by contract. If there is not enough money for them, it is because the contracted funds have been taken by officials and spent on other things.

Jed. Thanks for pointing that out. Many have forgotten the Credit Union crisis of the early 90's. The problem the system has now is that the state continued to set aside money that was supposed to go into the system & did other things with it. I am hardly a Tea Party supporter or member. I am a retired state employee who may now be paying a price for the sins of the past that you & others have mentioned. However no General Assembly has done anything to put an end to the culture of cronyism, corruption & the never mentioned hypocrisy that has become entrenched in the way the state goes about it's business for everything from vendor contracts to crony hires in management, to handing out retirements to people from a system that those people never contibuted to & treating members of certain unions better than members of others. It's those three issues that run through everything that has damaged this state & have given it it's well deserved bad image

Here is a report published in 2010 by the National Institute on Retirement Security.
Public and private workforces differ in important
ways. For instance, jobs in the public sector require
much more education on average than those in
the private sector. Employees in state and local
sectors are twice as likely as their private sector
counterparts to have a college or advanced degree.
• Wages and salaries of state and local employees are
lower than those for private sector workers with
comparable earnings determinants (e.g., education).
State employees typically earn 11 percent less; local
workers earn 12 percent less.
• Over the last 20 years, the earnings for state and
local employees have generally declined relative to
comparable private sector employees,.

You can read the report in its entirety here:
http://www.slge.org/vertical/Sites/%7BA260E1DF-5AEE-459D-84C4-876EFE1E4032%7D/uploads/%7B03E820E8-F0F9-472F-98E2-F0AE1166D116%7D.PDF

State workers pay taxes but receive far, far more from taxes than they pay in taxes, so raising taxes in this situation will be beneficial to them.

Meanwhile raising taxes on the private sector taxpayer for the union pensions provides no benefit to them.

Unions have backed democrats during every election I can remember except the last because Caprio ran partially on a pension reform platform. The unions backed Howdy Doody instead because of that.

Private sector taxpayers did not make any promises and have already paid whatever taxes have been due over the years for pensions.

My prediction is the Legislature will try to fix the problem by raising taxes and fees while cutting aid to cities and towns. This will kill the RI economy creating a bigger mess. This state is a sinking ship with Capt.Chafee plotting a coarse strait toward the rocks. Crash and burn

I am so sick and tired of the union entitlement attitudes. Been a well known fact for years, get a job with the city or state, work 25 years or so and then have a 30-40 year retirement with a full boat of "bennies". It's nauseating and unrealistic. I always ask the question, on the rare occasions I venture out midday from the workplace during the week and their is traffic everywhere. "Doesn't anybody work around here? Then I remember,-this is Rhode Island, where the public sector workers have found their retirement heaven"

I think the City should go into receivership and take the management of the City out of the hands of the Council and School Committee. They are all ill-equipped to solve this problems. They are way over their heads and we taxpayers are going to pay higher taxes than what we pay now and we still will suffer from reduced services,
poorly maintained infrastructures and children who score 3rd form the bottom in state testing, SATS and AP exams.

A question for those of you who are on or near Medicare or are collecting or near to social security retirement: Like the state retirement system, the social security and Medicare trusts are underfunded. Would it be OK with you if those paying into SS and Medicare today decided that Congress and the SS and Medicare Administration made a bad deal and wanted to end SS and Medicare? Is there any difference other than that you get SS and Medicare, but do not get a state pension?

I lost over 40% of my retirement funds in the Wall street theft, who is going to pay me back???
Suck it up...every one is going to get hurt at some time...theirs is coming!!

It must be nice to be able to totally disconnect yourself from any action your state and federal legislatures have taken. That way you have no responsibility for anything that your country or state does. Go to war without a good reason, no problem. Secede from the union, no problem. Renege on a promise of health care to the aged if they pay into it while they work, not my problem, the Legislators made that promise not me. Are there any actions of your government that you do bear responsibility for? Better not enter a K with the Government, or work for a private business that does. You and your company built that road? Tough luck, the current taxpayers have decided they can't afford to pay for it. By the way, if the government doesn't have to keep its promises, why should private parties have to keep theirs? Great society you guys will construct.

Between this pension fiasco and the $9+ million/year Bristol Warren schools are losing over the next 10 years taxes in the area will become difficult to keep up with.

If we move it won't be to another RI town or city, it'll be to another state altogether.

Thankfully it's not yet against RI law to move out of state but I'll wager the unions are working on it.

http://www.cnbc.com/id/45006325

The unions have literally crippled this state. They only care about themselves and they expect the taxpayer to continue to pay through the nose for their gluttony. It's sickening. Tax payers are fed up with coddling these thieves. We are tired of hearing "we were promised, we were promised" when the taxpayer is promised NOTHING.

Again union supporters: Private sector employees contribute 7.65% of their gross and employers match the same for upwards to 50 years or so. The annual ss payment is 12k per year and medicare benefit is paltry-must buy supplemental out of pocket insurance to afford to be sick. Myself, my benefit if I work and if I keep the current salary that I am at,until I am 70 (got my first job at age 15) will be eligible 2k per month or 24K a year.So, based on what a public employee pays in and the ridiculously low amount based on the years they have to work to retire, even with interest and all other market factors to maintain the pensions with COLA's promised, it is unrealistic. The employee and matching contributions should be a lot more than 9% range - to sustain numerous years (20-30-40 etc) of payouts. I was always advised to get a state or municipal job because "you would have it made", fortunately, my intuition always told me to stay clear of that job board-thank goodness.

I agree Tom. The unions sold these unrealistic dreams to their "lambs" in order to get their trust and contributions. It's a shame, but not surprising. When you are told a mistruth often enough it eventually is believed. I liken the unions to brainwashing monsters, who prey on the believing and trusting members who trust them to do the right thing and unfortunately, a lot of people are going to lose what they thought was rightfully theirs. Shameful behavior and I believe some people should be prosecuted-just like the some of these criminals who have stolen investor's monies.

I just read 58 school teachers are getting more than 110% of their base salary on their pension for life. Not counting healthcare , low cost drugs and most of all COLA's. Like they need it. We all are paying for this and they are living in Florida not paying RI taxs. Keep voting in the bums

I don't think any member of the military or the police force should be allowed to collect retirement benefits until they reach retirement age. You want your pension... fine, but you wait until you reach your late 60s just like everyone else!

This whole business of "promises" to the public sector and them paying into their pensions. Wow! They pay 8.5 or 9 or whatever % and get 60 - 80% back in pension. Plus many have grandfathered in for lifetime health care. Really?! They are out of touch with reality, for sure. I took my current job of 13 years with "promises" of a pension, affordable health care. Guess what! Pensions frozen, not much there. High Deductible Health Care - ouch! Pray not to get sick, but those prescription costs are "out of sight!" Pay raises company-wide are typically 1 - 2% if any at all. Year and a half ago we all had to take a 10% pay cut across-the-board. I put 13% of my pay into a 401K and when I retire I will be getting about 10% of my current pay back annually. And, of course, my taxes keep going up both locally and statewide to help cover the increasing costs of THEIR health care and pensions. To the public workers that state that they too are taxpayers, I understand, but a lot of that tax is circling around and coming back to you. BTW, my situation is fairly typical. I do not mean to "bash" public employees, just ask that they look around to get a "feel" of what the real world is like, out of your sheltered jobs.