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Retirees in Warwick get the biggest average monthly pension …
Updated: Friday, 05 Jun 2009, 6:32 PM EDT
Published : Friday, 05 Jun 2009, 5:30 PM EDT
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.
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