"The Rhode Island Retirement Security Act of 2011, enacted November 18, 2011 (which is being challenged as unconstitutional), suspends the COLA for all state employees, teachers, state police and judges until the plans' funding level exceeds an 80 percent funding level. Whether the suspended COLA is ever reinstated will depend on the investment returns the pension earns.... By [the author's] estimate, $2.1 billion in fees (out of the $2.3 billion in COLA savings) will be paid by the pension to hedge, private equity and venture capital tycoons. That's some 'reform.'"  MORE >>