Supporters rally for pension reform

PROVIDENCE. R.I. (WPRI) - Supporters of a comprehensive pension reform bill introduced by Governor Lincoln Chafee and General Treasurer Gina Raimondo are calling for lawmakers to pass the legislation, as is.

A pair of taxpayer groups, Rhode Island Statewide Coalition and Ocean State Tea Party in Action, held a news conference at the State House Tuesday afternoon to express their support for the controversial proposal, which seeks to dramatically reduce Rhode Island's massive unfunded pension liability.

Both full House and Senate have scheduled floor debates on the bill for Thursday.

The legislation was amended and approved by the House and Senate Finance Committees last week.

Highlights of the amended plan include suspensions to annual cost of living adjustments (COLAs), with the possibility of COLAs every fifth year is the pension system's investments perform well; raising the retirement age to 67 for workers who are not yet eligible to retire; and placing most workers into a hybrid pension plan.

Advocates who gathered at the State House Tuesday told Eyewitness News they were nervous that the pension reform they want -- and that the unions do not want -- may get so watered down by amendments, it could become borderline meaningless.

"We will be nervous until we see this bill come through as it currently stands," said Harriet Lloyd of the Rhode Island Statewide Coalition.

"I think we're nervous that at some late moment there may be deal making or something that is not transparent."

Lisa Blais of the group Ocean State Tea Party in Action shared Lloyd's concerns.

"We're all political realists," said Blais during Tuesday's news conference. "We know that deals are being cut all the time in the halls of the State House out of sight of the regular citizen."

In fact, Blais says she fears the entire proposal could fail.

"It would be a pretty wild scene if this whole thing goes down in flames."

Cranston resident Sean Gately also supports the pension reform plan, saying taxpayers need to stop footing the bill for unaffordable pensions.

"There are seniors in our community in Cranston that pay four times the amount of money in property taxes than they ever paid in a mortgage.  They're making choices between medicine, blankets, heating oil and food.  At some point in time the madness has to stop."

Lawmakers are expected to hear dozens of proposed amendments before conducting a final vote.

Rhode Island's pension system is estimated to have a $7 billion shortfall.