My Voice from the Crowd

June 2, 2011 - PRLog -- For what it’s worth, I am one of many future pensioners whose role has remained financier of the high stakes game we call RI pension poker.  The majority of the rank and file are the group putting in the cash and until very recently  have had no input or even a peek at the hand we have been dealt.  We are a group of folks who are in fact and indeed; “all in.”  So, as the leadership finally begins to weigh in, due in large part to the honest and open approach of the new RI General Treasurer Gina Raimondo, I wish to weigh in as a member of the ranks.  My tiny voice in the crowd, I hope will represent many people who are currently similarly situated.  

I want to be very clear, pension fraud and abuse is to be ferreted out and action must be taken to expose and recoup any and all ill begotten money. Thanks to Treasurer Raimondo, an action plan seems to be underway. In my view from the crowd that is a very refreshing breath of air. If I may add, bringing back the stocks could be a nice finishing touch! The fraudulent pensioners are a disgrace to every public servant who has served eagerly and  honorably, and there are many!  

It seems for at least the past decade the discussion regarding pensions has remained a continuing rehash of the obvious. i.e. “We are here because the politicians negotiate with public unions to get re-elected, and the unions take full advantage of the upper hand.” Constantly barraged with the opinions of RI economists, union leaders, General Assembly members, Mayors, Town Councils, Town Mangers all amidst screaming from the right and the left, the conversation is chaotic. The chance of hearing from the little pensioner swimming through the sea of uncertainty remains slim.  Have I awakened in the middle of the night with an ominous feeling of impending doom that my money will be gone, greatly diminished and my future irrevocably harmed?  “Hell yes”  is the answer to that question.  I am quite sure I am not alone. It is scary, and I am a true believer that the math and the predictions now coming to light are an accurate and stark reality.  To that end, as a stakeholder, I will not go down without participating in this ongoing narrative. I do this at the risk of upsetting my many friends of varying stripe, and hopefully engaging more of future pensioners to be thoughtful,  forward thinking and deeply engaged. Perhaps it is time to hear from the ranks and move on to a substantive conversation with added benefit of a future pensioner who is willing to explore all avenues to resolution.  

I am not a financial wizard and I don’t play one on TV but for the sake of moving the conversation forward with a perspective from the crowd, I wish to propose some rhetorical questions in the wake of the of the Treasurer's report “Truth in Numbers”:  

    Is it realistic to examine the prospect of the move to a defined contribution plan, with an comprehensive education component from unaffiliated third party investment advisers?
    As a future pensioner would you like more control over your own money, (including the ability to leave it to a loved one especially important for single people)?
    If a onetime buy out/rollover with a monetary benefit for the interest your money has earned within the system was offered, would you consider establishing control over your own financial destiny?  
    If you are single and 50 years or younger, are you genuinely concerned about your promised pension benefits?
    As you hear the experts do you really believe your money will be available in perpetuity?


My personal feeling is that if you sit down and take time to quietly reflect, consider and ponder these questions, you may find yourself having an a epiphany.  The time has come to embrace the harsh truths and be a partner in the new way forward.  Thoughtful input and bold changes may save our state and give each and every pensioner more freedom and a voice in their financial future.  If we must continue to finance RI pension poker,  I want to be able to call! I can say that for the first time,  now that the chips are down, I feel that Gina Raimondo is protecting my cards and actually playing for me.

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Carol Anne Costa is the Chairwoman of the Scituate Democratic Town Committee and has 17.5 years into the pension system. She also operates C2 Communications, A woman owned boutique PR, communications and marketing firm in Rhode Island developed and designed to help small businesses, agencies and non-profit organizations maximize PR and marketing opportunities without BIG price tags and lengthy contracts.