Rhode Island’s area and population is the size of Contra Costa county. Compared to California there are far fewer “degrees of separation” between people in Rhode Island, they are far more likely to get their news and opinions from the same local media, they are much closer to each other.California’s economy is far larger and much more diverse. But the Pension Fund’s situation kept deteriorating.Raimondo was elected State General Treasurer in November 2010 with 62% of the vote. The city of Providence, she pointed out (cannily, given that her primary opponent is the city’s mayor) has only funded about 30 percent of its pension obligations.“The whole point is that we could have waited and had more Detroits in Rhode Island,” Raimondo said, referring to the largest municipal bankruptcy in U.S. history, where pensions are playing a pivotal role.
General employees will contribute 5% with a 1% match from the employer (usually the state).
But not everyone felt they were heard. Raimondo’s new role endowed her with responsibility for overseeing the state’s entire $7 billion in pension assets. Despite the lawsuit against pension reform, Raimondo actually has more total union endorsements than her Democratic opponent, Providence Mayor Angel Taveras — though public employee unions have largely backed Taveras and wild-card contender Clay Pell, a lawyer. Raimondo, who served as treasurer through 2014 when she was elected governor, said she understood why people wouldn’t like the plan. Although Raimondo’s leadership was amazing, she believes the very real crisis in Rhode Island was necessary to make her accomplishments possible.
Raimondo said that it is urgent to “invite everyone to be part of the solution,” not as a public relations strategy, but as a fundamental component of a reasonable solution. . At the time, Democrats held the House with a 65-10 majority and the Senate at 29-8-1. CQ Roll Call is a part of FiscalNote, the leading technology innovator at the intersection of global business and government.
They claimed they “solved the problem”. Now, some retired employees have hired a former Securities and Exchange Commission attorney to ask the SEC, the Justice Department and the FBI to look into the pensions that were invested in hedge funds. It later became one of the country’s first industrialized cities, specializing in high-end jewelry, silverware and textiles. Most states don’t contribute what they’ve promised to their employees’ pension funds, and most estimate that the funds will average an 8 percent rate of return — an “unrealistic assumption,” according to a 2013 Brookings The pension debt facing cities and states creates a dangerous situation for the wellbeing of retirees and their families — and threatens the fiscal health of local governments. Retirement benefits for most government employees in Rhode Island are established by the state legislature – not by collective bargaining as in California.
“People would break out the pitchforks.” In 2010, just before Raimondo was elected state treasurer, Rhode Island’s struggling pension fund was on track to run out of assets, according to a state report. Those with 10 or more years of service may elect to retire at the pre-reform specified age, but their pensions may be adjusted downward.Retirement ages for all safety employees except State police were raised. Copyright 2020 CQ Roll Call. It also helped that pensions had hovered on the periphery of Rhode Island politics for several years, giving Raimondo a head start on reform.
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