Recap of RI Pension Crisis Fnuding Improvement Plans & fun quotes

 More fun Quotes from Joe Polisena

" Mr Almonte when you worked for 2 speakers making your 100+ thousand in your state vehicle, you really never brought to light anybody's pension issues. So your silence was deafening."

Joe Polisena
4-28-14 Pension study commission

" Now Johnston is obviously in decent shape"  Joe Polisena April 28 2014

Funding Improvement Status Report from Pension Commission 4-28-14

Rhode Island Town	Date FIP originally Submitted	Implemented? As of 4/28/2014	Estimated year  town will emerge from critical status
Bristol	November 2012	Yes fully implemented	2021
Coventry Muni	August 2012	Partially implemented  closed DB plans to new hires	2033
Coventry Police	March 2013	NO Not meeting  In Arbitration	2036 or later
Coventry School	November  2012 Never even approved	No Implementation Dispute between town & School :Fact finder being Hired	No Idea
Cumberland police	March 2013	No response at all	?
East Providence	Exempt	GOOGLE
Cranston	April 2013	Yes partially	2032
Johnston  Police	January 2013	No No progress made	?
Johnston fire	January 2013	No Implementation  No update on  progress made	?
Jamestown	exempt
Lincoln	exempt
Little Compton	exempt
Middletown	exempt
Rhode Island Town	Date FIP originally Submitted	Implemented? As of 4/28/2014	Estimated year  town will emerge from critical status
Narragansett Town plan police and fire	July 2013	Partial Did not receive savings that they anticipated	2018 or worse
Newport	October 2012	Implemented	2023 fire 2016 police
North Providence	April 2013
Pawtucket	March 2013	Police arbitration and negotiating Fire in agreement	2023
Portsmouth	October 2012	Partial Lowered ROR to 6.75%	2019
Providence	November 2012	Partially implemented 8.25% ror	2034
Scituate	November 2012	Not implemented In arbitration	? 2031 or later
Smithfield police	January 2013	Fully implemented	2026
Tiverton Police	March 2013	Implemented  Successfully closed amortization period	2016
Warwick	March 2013	Fully implemented	2032
West Warwick	December 2012	Revised plan April 2014 Not implemented	2032
Westerly	exempt
Woonsocket	June 2013	Not implemented Closed plan being negotiated with retiree’s Under budget commission	2019

Compare your favorite towns to Rhode Island cities

	Savannah,GA	Providence,RI	JOHNSTON,RI
Population	146,000	174,000	29,000
Net Assets of town	$1,100,000,000	($146,300,000)	($26,845,556)
Property taxes	$55,000,000	$324,000,000	$69,200,000
total annual  tax revenue	$142,000,000	$385,000,000	$71,000,000
cost of public safety	$96,000,000	$170,854,000	$40,000,000
annual employee benefits paid out	$27,507,000	$95,402,000	$11,000,000
pension Funding ratio	72.81%	20%	25.63%
Unfunded                OPEB LIABILITY + PENSION LIABILITY	$206 million	$2.65 BILLION.	$296 million
Pension debt +OPEB  per household	$3,934	$42,980	$26,435
auditor Cites Specific pension Accounting issue	no	yes, assets overstated by $59,000,000	no

instructions for viewing Polisena rant against Ernie Almonte
below

• 

  12:11am
  

  Michael G Riley
  

  
  

  
  

  That site is difficult to work with

  1. Go to Capitol TV ri site http://ricaptv.discovervideo.com/embedviews/vod?c=all&w=640&h=480&s=1

  2. Below the inoperable video screen is an archive of videos and a series of numbered boxes

  You should hit the box #3 to go back 3 pages(I guess) you are looking for the April 28 video of " locally administered pensions and opeb" It will show as 4-28-14

  The fun starts at the 2 minute mark and goes for about 9 minutes

  Let me know what you think I think this should be huge news

  
  

  
  

  Rhode Island DEVOS

  ricaptv.discovervideo.com
  

Rhode Is

Cranston Moves to 5th on Rhode Island terrible 10 list

Rhode Island	Pension DEBT per household	Uaal/per capita	Pension UAAL as % payroll	Funded ratio
TEAM PROVIDENCE	$19,716	$7,583	999%	21%
West Warwick  Moody’s adjusted	$14,685	$5,648	1087%	15%
Newport	$13,411	$5,158		41%
Johnston                              riley/Moody’s  adjusted	$13,107	$5,041	1606%	21%
CRANSTON                                adjusted Riley,moodys,Gasb	$12,707	$4,887	9526%	14%
Rhode Island	Pension DEBT per household	Uaal/per capita	Pension UAAL as % payroll	Funded ratio
Coventry                    riley/Moody’s  adjusted	$10,350	$3,981	992%	14%
WARWICK ADJ April 2014	$9,255	$3,559	1146%	33%
NARRAGANSETT  Moody's Riley Gasb	$9,201	$3,539	474%	52%
East Providence   Adj google gasb riley	$6,423	$2,470	928%	47%
PORTSMOUTH town	$5,806	$2,233	457%	48%

         

              Central Falls recently exited Chapter 9, the pension DEBT per household prior to receivership was  $ 6423.  Today April 23, 2014 nine of the current ten worst pension debt per household towns in Rhode Island exceed that figure.

              The top 25 largest cities in America Including Detroit, NYC and Chicago have a median Household pension debt of $4406. Rhode Island is in CRISIS mode and is far worse than anywhere else in America.