Treasurer’s Report Considers Changes To State Pension System

A new report outlines possible changes to Rhode Island’s pension system.

An advisory group attached to General Treasurer James Diossa presented several avenues to alter the last overhaul of the system, which occurred in 2011.

One calls for resuming the three percent compounded cost of living adjustment for retirees, which would cost the state 48 million dollars in the coming fiscal year, with cities and towns paying 27 million dollars.

Retirees have complained about suffering from changes to their pensions during times of high inflation.

The House Finance Committee will examine the findings.

(Photo Credit: General Treasurer’s Office)