Warwick, RI – At their annual holiday breakfast meeting, the Financial Planning Association of RI welcomed RI General Treasurer, Gina M. Raimondo, as the featured speaker. Treasurer Raimondo briefly discussed the pension reform program, due to take effect on July 1, 2012, and praised the RI General Assembly and its leaders for coming together to pass landmark pension reform that is catching the eye of many state and municipal leaders across the US. One of the key elements of this pension modification will be the potential savings to RI taxpayers; an estimated $4 billion over the next 24 years and savings that may help RI prosper in the future. Ms. Raimondo also commented that the goal of this process was not to create a political struggle between parties or various interests, but to help the State and its citizens come together to find real solutions and help future generations. Raimondo noted the process was about “math, not politics.” “I was impressed with the effectiveness that Treasurer Raimondo took on the pension reform, striking a delicate balance between retirees and the taxpayers of Rhode Island” said Jeffrey H. Massey, CFP® , President of FPA-RI
The Treasurer also took time to comment on the importance of increasing financial literacy among RI citizens, especially high school and college students. She believes with more financial literacy, young adults are more likely to become financially independent and responsible with their money and financial goals in the future. An online initiative named, “EverFi” has been implemented at selected high schools in the state and may allow these young adults to obtain assistance with cash and debt management to lead them to financial empowerment and making sound decisions with money. After the meeting, members of the FPA-RI Board of Directors expressed their interest in working with the Treasurer’s office to further promote financial literacy in the State. “I was excited to hear of the General Treasurer’s plans to renew her efforts with financial literacy in the state of Rhode Island. The Financial Planning Association of Rhode Island is also looking to expand its Pro-Bono activities for the coming year toward the same goal. It would be great to work together with the General Treasurer, particularly with the online financial literacy EverFi platform”, said David Matarese, CPA, CFP®, president-elect of FPA-RI.
