Riley: Time to Review Why 16 RI Municipal Pension Funds Shouldn’t Be Shut Down
Michael G. Riley, GoLocalProv MINDSETTER™
Riley: Time to Review Why 16 RI Municipal Pension Funds Shouldn’t Be Shut Down
Formed in 2011 as part of Pension Reform, this commission focused on data gathering and induced compliance. In January 2015, the commission produced a report to the Governor and General Assembly that contained a series of recommendations.
My analysis show that few, if any of the cities and towns labeled as “crisis” have followed through on their commitments to address the severe underfunding issues. Some have actually gone backwards. Most of the projected unfunded liabilities reductions have not been met and some appear as hopeless in terms of any possible reason these towns should be managing a defined pension plan. It is time we removed from these towns the ability to manage their own plans.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThe commission met 39 times from 2011 through 2014 and came up with a series of recommendations. Some are quite helpful but given the lack of follow through it is clear that the Governor, after avoiding the Municipal issue for years, needs to make responsible and immediate decisions to deal with "zombie" Rhode Island towns.
The report concluded that a “one size fits all” approach to boosting sustainability of these funds was not appropriate. I vehemently disagree. The behavior of these critical status towns indicates the towns and their officials don’t belong managing a pension plan and should be shut down en masse. They should be expected to follow strict guidelines of funding and accounting.
Recommendations Considered:
"The Commission has considered eleven recommendations to improve local pension and OPEB plan health and help municipalities meet the challenge that will ensure sustainable benefits that are also affordable and competitive. We’ve taken great effort to incorporate dissenting viewpoints in this document so that legislators can fully and objectively assess alternatives."
- Establish an oversight board
- Expand legislation requiring fiscal impact statements
- Require an annual funding notice
- Expand proposed budget language in municipal disclosure process
- Continue funding municipal incentive aid program
- Study feasibility of administering a voluntary program to invest plan assets
- Consider expanding criteria for oversight under the fiscal stability act
- Develop a voluntary MERS pathway
- Continue to monitor OPEB plans
- Consider funding improvement plans for OPEB
- Consider establishing a state-wide OPEB trust
The report can be found here. In the coming weeks, we will review the proposals of the 16 to 18 towns made to the commission in 2013 and their unfunded liability projections for 2016. Let’s just say it is not pretty.
Top Providence Pensions
#49
Name- Daniel Guertin
Annual Earning- $95,050.92
Postition- Police-5
City- Providence
State- RI
Retirement Type- Accidental Disability
Retirement Date- December 19,1991
Source: This information was secured through a FOIA request from the city of Providence.
#48
Name- Carmine Vallante
Annual Earning- $95,140.20
Postition- Fire-4
City- Johnston
State- RI
Retirement Type- Accidental Disability
Retirement Date- December 19,1991
Source: This information was secured through a FOIA request from the city of Providence.
#47
Name- Alfred Millard
Annual Earning- $95,368.32
Postition- Fire-4
City- Warwick
State- RI
Retirement Type- Accidental Disability
Retirement Date- March 24, 1994
Source: This information was secured through a FOIA request from the city of Providence.
#46
Name- James Rattigan
Annual Earning- $95,983.44
Postition- Fire-4
City- North Providence
State- RI
Retirement Type- Service
Retirement Date- June 30, 2003
Source: This information was secured through a FOIA request from the city of Providence.
#45
Name- Frank Deangelis
Annual Earning- $95,986.80
Postition- Fire-4
City- North Providence
State- RI
Retirement Type- Accidental Disability
Retirement Date- December 19, 1991
Source: This information was secured through a FOIA request from the city of Providence.
#44
Name- Stephen Lowe
Annual Earning- $96,156.36
Postition- Fire-4
City- Bristol
State- RI
Retirement Type- Accidental Disability
Retirement Date- December 17, 1992
Source: This information was secured through a FOIA request from the city of Providence.
#43
Name- Mary Gonsalves
Annual Earning- $97,463.04
Postition- Police-5
City- Warwick
State- RI
Retirement Type- Beneficiary
Retirement Date- December 1, 1993
Source: This information was secured through a FOIA request from the city of Providence.
#42
Name- William O'Neill
Annual Earning- $98,160.96
Postition- Fire-4
City- Cumberland
State- RI
Retirement Type- Accidental Disability
Retirement Date- August 22, 1990
Source: This information was secured through a FOIA request from the city of Providence.
#41
Name- Paul Healy
Annual Earning- $98,183.28
Postition- Fire-4
City- Cranston
State- RI
Retirement Type- Service
Retirement Date- October 20, 1993
Source: This information was secured through a FOIA request from the city of Providence.
#40
Name- James Molloy
Annual Earning- $98,711.16
Postition- Fire-4
City- Providence
State- RI
Retirement Type- Accidental Disability
Retirement Date- December 18, 1987
Source: This information was secured through a FOIA request from the city of Providence.
#39
Name- Livia Miller
Annual Earning- $99,193.80
Postition- Fire-4
City- Warwick
State- RI
Retirement Type- Beneficiary
Retirement Date- May 1, 1997
Source: This information was secured through a FOIA request from the city of Providence.
#38
Name- Joseph Battista
Annual Earning- $99,271.08
Postition- Fire-4
City- Johnston
State- RI
Retirement Type- Accidental Disability
Retirement Date- April 29, 2004
Source: This information was secured through a FOIA request from the city of Providence.
#37
Name- Robert Kerfoot
Annual Earning- $100,140.36
Postition- Fire-4
City- Cranston
State- RI
Retirement Type- Accidental Disability
Retirement Date- March 24, 1994
Source: This information was secured through a FOIA request from the city of Providence.
#36
Name- Ralph Ricci
Annual Earning- $100,357.44
Postition- Fire-4
City- Providence
State- RI
Retirement Type- Accidental Disability
Retirement Date- April 28, 1994
Source: This information was secured through a FOIA request from the city of Providence.
#35
Name- Henry Latek
Annual Earning- $100,502.52
Postition- Fire-4
City- Providence
State- RI
Retirement Type- Service
Retirement Date- June 30, 1995
Source: This information was secured through a FOIA request from the city of Providence.
#34
Name- Joseph Bradley
Annual Earning- $100,898.52
Postition- Fire-4
City- Whitefield
State- NH
Retirement Type- Accidental Disability
Retirement Date- November 20, 1991
Source: This information was secured through a FOIA request from the city of Providence.
#33
Name- Ronald Johnson
Annual Earning- $102,098.64
Postition- Fire-4
City- North Scituate
State- RI
Retirement Type- Accidental Disability
Retirement Date- May 1, 2003
Source: This information was secured through a FOIA request from the city of Providence.
#32
Name- Gloria Pisaturo
Annual Earning- $103,385.76
Postition- Police-5
City- Warwick
State- RI
Retirement Type- Beneficiary
Retirement Date- December 1, 2002
Source: This information was secured through a FOIA request from the city of Providence.
#31
Name- Edmond Malloy
Annual Earning- $103,575.72
Postition- Police-5
City- Chepachet
State- RI
Retirement Type- Accidental Disability
Retirement Date- September 5, 1990
Source: This information was secured through a FOIA request from the city of Providence.
#30
Name- John Reposa
Annual Earning- $104,665.44
Postition- Fire-4
City- Jamestown
State- RI
Retirement Type- Accidental Disability
Retirement Date- June 21, 1995
Source: This information was secured through a FOIA request from the city of Providence.
#29
Name- Pasquale Rocchio
Annual Earning- $105,238.32
Postition- Police-5
City- North Providence
State- RI
Retirement Type- Service
Retirement Date- August 22, 1989
Source: This information was secured through a FOIA request from the city of Providence.
#28
Name- David Deignan
Annual Earning- $105,609.36
Postition- Police-5
City- Providence
State- RI
Retirement Type- Accidental Disability
Retirement Date- December 19, 1991
Source: This information was secured through a FOIA request from the city of Providence.
#27
Name- Lee Podedworny
Annual Earning- $106,838.16
Postition- Fire-4
City- South Kingstown
State- RI
Retirement Type- Accidental Disability
Retirement Date- July 23, 1992
Source: This information was secured through a FOIA request from the city of Providence.
#26
Name- Nancy Donahue
Annual Earning- $107,757.24
Postition- Fire-4
City- Warwick
State- RI
Retirement Type- Beneficiary
Retirement Date- July 1, 2005
Source: This information was secured through a FOIA request from the city of Providence.
#25
Name- Domenic Pono
Annual Earning- $107,850.72
Postition- Fire-4
City- Cranston
State- RI
Retirement Type- Accidental Disability
Retirement Date- December 19, 1991
Source: This information was secured through a FOIA request from the city of Providence.
#24
Name- John Murphy
Annual Earning- $107,892.84
Postition- Fire-4
City- Providence
State- RI
Retirement Type- Accidental Disability
Retirement Date- December 19, 1991
Source: This information was secured through a FOIA request from the city of Providence.
#23
Name- Robert Carlson
Annual Earning- $108,555.36
Postition- Fire-4
City- Greenville
State- RI
Retirement Type- Accidental Disability
Retirement Date- April 24, 1991
Source: This information was secured through a FOIA request from the city of Providence.
#22
Name- Robert Emmett
Annual Earning- $109,256.16
Postition- Police-5
City- Cranston
State- RI
Retirement Type- Service
Retirement Date- November 13, 1990
Source: This information was secured through a FOIA request from the city of Providence.
#21
Name- Thomas Doyle
Annual Earning- $109,329.24
Postition- Fire-4
City- West Warwick
State- RI
Retirement Type- Accidental Disability
Retirement Date- August 26, 1988
Source: This information was secured through a FOIA request from the city of Providence.
#20
Name- Joseph Errico
Annual Earning- $109,611.60
Postition- Fire-4
City- Warwick
State- RI
Retirement Type- Service
Retirement Date- June 30, 1995
Source: This information was secured through a FOIA request from the city of Providence.
#19
Name- Edward MacDonald
Annual Earning- $110,225.64
Postition- Fire-4
City- Johnston
State- RI
Retirement Type- Accidental Disability
Retirement Date- May 26, 1994
Source: This information was secured through a FOIA request from the city of Providence.
#18
Name- Alfred Lamothe
Annual Earning- $110,505.96
Postition- Fire-4
City- Warwick
State- RI
Retirement Type- Accidental Disability
Retirement Date- September 6, 1991
Source: This information was secured through a FOIA request from the city of Providence.
#17
Name- Ernest Silva
Annual Earning- $112,796.28
Postition- Fire-4
City- Ft. Myers
State- FL
Retirement Type- Accidental Disability
Retirement Date- April 24, 1991
Source: This information was secured through a FOIA request from the city of Providence.
#16
Name- Edward Dolan
Annual Earning- $113,126.04
Postition- Fire-4
City- North Kingstown
State- RI
Retirement Type- Accidental Disability
Retirement Date- December 19, 1991
Source: This information was secured through a FOIA request from the city of Providence.
#15
Name- Paul Marianetti
Annual Earning- $113,331.60
Postition- Fire-4
City- Ormond Beach
State- FL
Retirement Type- Accidental Disability
Retirement Date- November 17, 1994
Source: This information was secured through a FOIA request from the city of Providence.
#14
Name- Rosemary Clark
Annual Earning- $114,725.64
Postition- Police-5
City- Chepachet
State- RI
Retirement Type- Beneficiary
Retirement Date- August 1, 2004
Source: This information was secured through a FOIA request from the city of Providence.
#13
Name- John Gannon
Annual Earning- $117,318.60
Postition-Police-5
City- Coventry
State- RI
Retirement Type- Accidental Disability
Retirement Date- January 24, 1991
Source: This information was secured through a FOIA request from the city of Providence.
#12
Name- Marcia Moise
Annual Earning- $119,791.20
Postition- Fire-4
City- Jupiter
State- FL
Retirement Type- Beneficiary
Retirement Date- April 1, 1997
Source: This information was secured through a FOIA request from the city of Providence.
#11
Name- Robert Read
Annual Earning- $123,105.00
Postition- Fire-4
City- Cranston
State- RI
Retirement Type- Accidental Disability
Retirement Date- December 19, 1991
Source: This information was secured through a FOIA request from the city of Providence.
#10
Name- Alfred Bertoncini
Annual Earning- $123,599.16
Postition- Fire-4
City- Smithfield
State- RI
Retirement Type- Service
Retirement Date- December 19,1994
Source: This information was secured through a FOIA request from the city of Providence.
#9
Name- Victor Dichiara
Annual Earning- $126,845.28
Postition- Fire-4
City- East Greenwich
State- RI
Retirement Type- Accidental Disability
Retirement Date- December 17, 1992
Source: This information was secured through a FOIA request from the city of Providence.
#8
Name- Edmund Calcagni
Annual Earning- $135,702.72
Postition- Police-5
City- North Providence
State- RI
Retirement Type- Accidental Disability
Retirement Date- December 29, 1990
Source: This information was secured through a FOIA request from the city of Providence.
#7
Name- James Kelly
Annual Earning- $137,336.04
Postition- Fire-4
City- Greenville
State- RI
Retirement Type- Accidental Disability
Retirement Date- September 28, 1988
Source: This information was secured through a FOIA request from the city of Providence.
#6
Name- Vincent Delisi
Annual Earning- $145,520.88
Postition- Fire-4
City- North Providence
State- RI
Retirement Type- Accidental Disability
Retirement Date- December 17, 1992
Source: This information was secured through a FOIA request from the city of Providence.
#5
Name- William Manchester
Annual Earning- $148,839.84
Postition- Fire-4
City- Warwick
State- RI
Retirement Type- Accidental Disability
Retirement Date- December 19, 1991
Source: This information was secured through a FOIA request from the city of Providence.
#4
Name- William D'Iorio
Annual Earning- $156,870.60
Postition- Fire-4
City- Smithfield
State- RI
Retirement Type- Accidental Disability
Retirement Date- Novemver 29, 1990
Source: This information was secured through a FOIA request from the city of Providence.
#3
Name- Anthony Sauro
Annual Earning- $161,487.24
Postition- Fire-4
City- Johnston
State- RI
Retirement Type- Accidental Disability
Retirement Date- July 5, 1991
Source: This information was secured through a FOIA request from the city of Providence.
#2
Name- Robert Anthony
Annual Earning- $162,944.04
Postition- Fire-4
City- Smithfield
State- RI
Retirement Type- Accidental Disability
Retirement Date- September 25, 1991
Source: This information was secured through a FOIA request from the city of Providence.
#1
Name- Gilbert McLaughlin
Annual Earning- $196,813.08
Postition- Fire-4
City- Warwick
State- RI
Retirement Type- Accidental Disability
Retirement Date- October 24, 1991
Source: This information was secured through a FOIA request from the city of Providence.
