Chafee’s Budget: 3 Percent Increase in Pension Contributions

Governor Chafee called on state workers to contribute the 3 percent cost of living raise they will get in July towards their retirement benefits.

He noted that the new raise is in addition to a 3 percent increase they received last January.

Plus, he urged teachers, state police, and other workers to match the new state employee rate of 11.75 percent, saying all groups will benefit from a stronger pension system.

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“In light of the shared sacrifices I am asking all Rhode Islanders to make, I believe this increased contribution rate is reasonable and warranted,” Chafee said. “These higher funding levels would last until we establish comprehensive pension reform, at which time we can adjust them as necessary. We expect more information in the coming months about the financial state of our pension system.”

Once that information is available, Chafee pledged to work with state lawmakers to develop a long-term fix to the state pension system.
 

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