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RI Chapter 94 Fights to Protect Retirees’ Pensions: Opposing McKee’s Plan to Skip Supplemental Payments
RI Chapter 94 is standing up for retirees by pushing back against Governor McKee’s budget proposal to redirect over $20 million from the Employees’ Retirement System of Rhode Island (ERSRI)—funds that, by law, should be used to strengthen the pension system.
The law mandates that 50% of the state’s fiscal surplus goes toward supplemental pension payments, a key mechanism to ensuring the financial health of the ERSRI. However, McKee’s plan seeks to suspend this payment for one fiscal year, a move that could jeopardize long-term pension stability and future COLA restorations for retirees.
“Skipping pension payments, including supplemental ones, is never the right approach to strengthening the ERSRI,” said Russ Marsocci, RI Chapter 94 Vice President. “We oppose the Governor’s short-sighted strategy and will work with our legislative advisors and labor partners to thwart this imprudent plan.”
RI Chapter 94 remains committed to fighting for retirees’ financial security and ensuring that the state honors its obligations. Stay tuned for updates on this critical issue.
The law mandates that 50% of the state’s fiscal surplus goes toward supplemental pension payments, a key mechanism to ensuring the financial health of the ERSRI. However, McKee’s plan seeks to suspend this payment for one fiscal year, a move that could jeopardize long-term pension stability and future COLA restorations for retirees.
“Skipping pension payments, including supplemental ones, is never the right approach to strengthening the ERSRI,” said Russ Marsocci, RI Chapter 94 Vice President. “We oppose the Governor’s short-sighted strategy and will work with our legislative advisors and labor partners to thwart this imprudent plan.”
RI Chapter 94 remains committed to fighting for retirees’ financial security and ensuring that the state honors its obligations. Stay tuned for updates on this critical issue.