Raimondo Reacts to Frank Caprio’s Pension Plan
State Treasurer Gina Raimondo is throwing cold water on a plan advanced by Frank Caprio, the man who wants her job.
Caprio has proposed reducing pension fund investment fees and funneling that money back into cost of living increases for teachers and public employees. Their pensions were frozen in 2011 as part of a package of legislative reforms to shore up the ailing pension system.
Raimondo said it’s time to stop using pensions as a political football. Linking cost of living adjustments to investment fees is misleading, said Raimondo, and unfair to any state employee who depends on a pension check.
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