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Providence Pension Reforms Will Save $19 Million Over the Next Year
Governing May 14, 2012 "The new [Providence ordinance] halts COLAs until city pensions are 70 percent funded ... caps individual pensions at 150 percent of the state's median household income and cracks down on the liberal awarding of disability pensions. And it calls for employees to continue paying into the pension system as long as they continue to accrue benefits, rather than stopping after 25 years as they can now.... [These changes echo those adopted at the state level Last November, when] Rhode Island also went after COLAs, providing them only once every five years until 80 percent of expected pension expenditures are funded.... [T]he state raised the retirement age to the age at which workers are eligible for Social Security ... [scaled] back the traditional defined-benefit portion of the pension plan and [added] a defined-contribution element that requires workers to contribute 5 percent of salary to an individual retirement account, matched by a 1 percent employer contribution." |
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