Legislators consider pension reform

PROVIDENCE, R.I. (WPRI) - Target 12 investigators are probing pensions.

A lot of your money is on the table as legislators consider the fate of the state's pension system.

In a crowded hearing room at the state house on Friday, many options were tossed around, including a new idea that would greatly impact a state worker's retirement age.

Legislators are counting on 60 million dollars in savings from pension reform.

There's a lot of changes to consider, but the biggest potential savings would come from changing retirement age.

One plan gaining momentum, calls for a sliding scale.

Proposed changes would effect some 23,700 state workers and teachers.

Among the biggest changes the committee is considering: using a sliding scale to determine retirement age.

A document handed out ominously titled "age proportionality estimator" gave examples.

For instance, a 27 year-old who is just hired by the state would be eligible for retirement at 65.

But the same start age with 14 years in would mean a 60 year retirement age when the changes take effect.

The other big debate, cost of living increases.

Right now at 3 percent compounded.Several proposals pitch eliminating them all together.

Legislators have promised changes by July 1st.