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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.
âWeâre laying out our concerns, but weâll wait and see what type of action other communities take,â 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 systemâs 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 townâs 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