State eyes lowering pension fund return rate assumption to 7% from 7.5%

STATE OFFICIALS are lowering the pension funds assumed rate of return to 7 percent from 7.5 percent. / PBN FILE GRAPHIC LISA LAGRECA
STATE OFFICIALS are lowering the pension funds assumed rate of return to 7 percent from 7.5 percent. / PBN FILE GRAPHIC LISA LAGRECA
PROVIDENCE – The R.I. Retirement Board could vote Monday to lower the state pension fund’s assumed rate of return to 7 percent from 7.5 percent, costing state taxpayers an additional $42.2 million in contributions to state employee pensions over the next five years. The state’s actuary firm, Gabriel Roeder, Smith and Co., is excepted to…

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1 COMMENT

  1. Cut retirement benefits an pensions, starting with people retiring in 5 years receiving the most moderate cuts and those retiring further in the future receiving the most severe cuts to their pensions and benefits.
    This will help ensure that everyone has a fair amount of time to adjust their retirement plans.

    Perhaps also we should see an increase in retirement age for certain departments.