Raimondo: More than $1M found for pension fund

IMPROVEMENTS TO disability compliance have resulted in finding more than $1 million in overearnings dating back to 2000, Treasurer Gina Raimondo and her team announced at the State Retirement Board meeting on Wednesday. / PBN FILE PHOTO
IMPROVEMENTS TO disability compliance have resulted in finding more than $1 million in overearnings dating back to 2000, Treasurer Gina Raimondo and her team announced at the State Retirement Board meeting on Wednesday. / PBN FILE PHOTO

PROVIDENCE – Improvements to disability compliance have resulted in finding more than $1 million in overearnings dating back to 2000, Treasurer Gina Raimondo announced at the State Retirement Board meeting on Wednesday.

The improvements were made over the course of Raimondo’s four-year term.

Employees’ Retirement System of Rhode Island (ERSRI) staff, acting on findings of Blum Shapiro, an independent audit firm, identified $1,052,406.42 in overearnings attributed to 16 retirees receiving disability pensions. Of that number, $593,097.63 has already been collected.

Retirees had earned income in excess of what is allowed by law. ERSRI has been recouping the monies owed to the pension trust through pension-payment suspensions.

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“This is a true example of government working,” Raimondo said in a statement. “By finding overearnings, we are saving taxpayers’ money, increasing public confidence in disability compliance and improving the integrity of the entire retirement system.”

Disability compliance has been a priority of the treasurer. She initiated a disability audit back in May 2011 following irregularities within the disability-compliance process.

Raimondo, a Democrat, is running against Cranston Mayor Allan Fung, a Republican, for governor.

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