NEW: State Rep Holding Pension Forum Monday

NEW: State Rep Holding Pension Forum Monday

Rep. Larry Valencia (D-Dist. 39, Charlestown, Exeter, Richmond) will host a pension reform bill meeting on Monday, Nov. 7, at 1 p.m., on the 2nd floor of the Richmond Community Center, at 1168 Main St., Wyoming (Richmond).

He is a member of the House Finance Committee, which recently concluded a preliminary set of joint hearings with the Senate Finance Committee regarding the proposed pension reform bill, the Rhode Island Retirement Security Act (RIRSA), 2011-H 6319/ 2011- S 1111).

“I want to share the feedback and testimony we heard over the three days with my district, and give my constituents the opportunity to add their concerns and ideas,” said Representative Valencia. “We heard testimony from the proponents of this plan – our General Treasurer, Gina Raimondo, and from our Governor, Lincoln Chafee, and from the affected parties: the public employees, including state workers, teachers, state police, judges and fire personnel; and from the public.”

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The proposed reform is intended to:

· Address the state’s unfunded liability of nearly $7 billion and prevent the erosion pension systems while targeting an 80 percent funding level for all pension systems;

· Ensure employees preserve what they have earned through June 30, 2012 while shifting future risk to public employees;

· Ensure that there is no impact on the ability to retire for those who are eligible to retire on June 30, 2012.

RIRSA includes language that:

· Suspends cost-of-living adjustments (COLAs) to retirees’ benefits until the pension is better funded;

· Moves all but public safety employees to hybrid pension plans;

· Increases minimum retirement age for most employees not already eligible to retire.

· Preserves accrued benefits earned through June 30, 2012;

· Addresses independent local plan solvency issues.

“This proposed bill may be the most important vote that I ever cast,” said Representative Valencia. “I want to ensure that I’ve heard from as many people in my district as possible, especially those affected by this proposal – our state employees and all of our other Rhode Island taxpayers.”