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EAST GREENWICH â€” With the General Assembly taking its first look at a state pension reform plan Tuesday night, the Town Council decided to hold off on taking a stand.
At a special meeting, the council voted to table a planned resolution in support of pension reform, a move Council President Michael B. Isaacs said would give the council a chance to see what type of bill emerges from the legislature before taking a position on it.
â€śWeâ€™re laying out our concerns, but weâ€™ll wait and see what type of action other communities take,â€ť said Isaacs.
As the council met, Gov. Lincoln Chafee and General Treasurer Gina Raimondo were introducing a pension bill they said would immediately reduce the state pension systemâ€™s unfunded liability by $3 billion, increasing its funding level to 60 percent and save taxpayers $3 billion over the next decade by suspending cost of living increases (COLAs) until the funded level rises to 80 percent.
Most of the townâ€™s employees are covered by the state Municipal Employees Retirement System, said Town Manager William Sequino Jr., including Town Hall employees, non-certified School Department workers, the Police Department and the East Greenwich Fire District. Teachers are included in the state teachersâ€™ retirement plan.
For more information pick up a copy of the East Greenwich Pendulum