Recalculation of Pension Benefits

[Picasso]

WTF ! Just got a letter from the City's Pension Office:
A recent audit of their calculation system shows some pensions were incorrectly calculated.
As a result calculations since 2007 were corrected and overpayments were found, which the city now wants to recover.

I thought City Auditors went over everything before we signed our retirement papers !
Time for a class action suit .....

....Dang.....

[Picasso]

If they plan on doing this to those who retired after 2007, who is to say they won't go further back.
Word I'm getting: 100 letters sent out
Whoever made the mistake was transfered to another city position.
Swept under the rug.
A cashier makes an error and it comes out of their pocket .... 'just saying'

We need to ask our Pension board members. They had to approve this before the letters were sent out under Ordinance 22.259.

If you are like me, your decision to retire was based in part on what you expected to make each month. Now they want to change that. If I remember right they calculated the amount down to the last minute you worked. Then they signed a contract. If I went back now and said oops I miscalculated what I need every month to retire, so I'm changing my mind about dropping. Would that work? The PBA needs to step in NOW. How can the city just send a letter a say we are taking this money. If I see a guy on the street who I think owes me money, can I just go take it?

Mike Krohn is looking into it now. Please if you rec'd a letter send a certified letter to the City's Pension Office raising your objections before July 18th. "Together we stand ~ divided we fall"

the PBA is working on it. Make sure your email address is current with them, as I got an email already about this. If your email is not current or updated, call them.

This is messed up, the city needs to make it right instead of putting it back on us.

City in Rhode Island Asks Retirees to Sacrifice.

Robert G. Flanders Jr., a state-appointed receiver who is trying to right the city’s finances, found himself on the stage at Central Falls High School on Tuesday, asking retirees to help solve “a horrible dilemma” by giving up a significant part of what they had always assumed was untouchable income.

“No one blames any of you for this situation,” Mr. Flanders told the retirees, many of whom appeared well into their 70s and 80s. “We understand, believe me, that we are asking for great unanticipated sacrifices. But there is simply no money in the city to continue on the current path.”

By way of warning, he pointed to the example of Prichard, Ala., which stopped paying retirees in 2009 after its pension fund ran out of money.

Under Mr. Flanders’s plan, which he calls The Big Ask, some retirees would lose almost half their benefits, with the goal of cutting a total $2.5 million a year in retiree costs. Someone who retired at 55 after 30 years on the job, for example, would see his pension shrink to $21,217 a year, from $40,037.

http://www.nytimes.com/2011/07/20/us...tralfalls.html

I want to remind the community that we have paid 7 percent of our pay off the top since we started working this job.
We earned it for all the usual reasons that police and fire earn it and we paid for it in blood.
The City failed to completely fund the pension and is still catching up on the money they need to replace in the pension fund.
It is money we earned and are entitled, and paid for.
This is not a case of the city giving a us a freebee.

I want to remind the community that we have paid 7 percent of our pay off the top since we started working this job.
We earned it for all the usual reasons that police and fire earn it and we paid for it in blood.
The City failed to completely fund the pension and is still catching up on the money they need to replace in the pension fund.
It is money we earned and are entitled, and paid for.
This is not a case of the city giving a us a freebee.

Yes we have paid 7% of our pay into the pension since day one and yes the pension was underfunded by the city, but as of now it is nearly 100% funded and in great shape.