Chafee Delivers One-Two Punch to Caprio

Chafee Delivers One-Two Punch to Caprio

Independent candidate for governor Lincoln Chafee yesterday went on the offensive against Democrat Caprio on two fronts—accusing the General Treasurer for failing to address the state’s pension crisis and claiming he had made a “highly inappropriate” hiring in his office.

“The financial danger has only gotten worse during Caprio’s tenure as General Treasurer,” Chafee said.

According to Chafee, only 15.1 percent of the police and fire pension plan is funded with an unfunded liability of almost $250 million. Others included the Scituate police pension plan and the Providence retirement system, which had $7 million and $800 million unfunded liability, respectively.

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Spokesman Claims Municipal Pensions 88 Percent Funded

Caprio spokesman Nick Hemond said that the municipal pension plans for which Caprio is responsible are mostly funded. “The municipal pension plans that the Treasurer's Office oversees are funded at an average rate of 88 percent, the rest are under the control of the cities and towns,” Hemond said.

Wednesday, Chafee released a pension plan that addresses both state and municipal pensions.

“Instead of ignoring the problem, I have proposed a multi-point plan to restructure the municipal pensions of unvested workers through the Municipal Employee Retirement System (MERS). My opponent has failed to address the problem in his three years as a chair of the retirement system,” Chafee said.

Chafee also pointed out that while Caprio has promised to not raise taxes, his lack of action on local pensions has practically assured that there will be future property tax increases.

Faults Caprio for ‘Highly Inappropriate’ Hiring

Chafee also took Caprio to task for rehiring former General Treasurer Anthony Solomon’s niece, Marion Solomon, in 2007. Chafee described this as “highly inappropriate” especially after Solomon had been fired in 2005 for inappropriate behavior.

“Caprio’s action comes to light just days after he said he would ‘like to see all hiring fully transparent and competitive, as it has been in the treasurer’s office,’” Chafee said. “Frank Caprio’s words ring hollow. This is not transparency and competitiveness. This is cronyism.”

Hemond said the hiring was part of a negotiation to restructure the General Treasurer's office.