Providence – Pension360.org reminds Rhode Island voters that when considering state pension reform as a deal-breaker in choosing a gubernatorial candidate, Allan Fung also participated in engineering the controversial legislation adopted by the General Assembly as law.
GOP Candidate Fung Sat on the Pension Reform Panel
Quoting a September 15 article that ran on Public Sector, Inc, the organization schooled Rhode Island voters on what has been generally touted as a one-woman dictated pension reform system.
An excerpt from the article explains the fate of the City pension plan engineered on behalf of its retired first responders, a 20-year recovery effort.
“Cranston’s current employees participate in the state’s retirement system, so the city had a stake in the state-engineered reforms. But Cranston fire and police retirees and those workers who were hired before July 1, 1995 participate in a separate city-directed plan that was deeply in debt . Although the plan has just 483 members, the vast majority of which were already retired, the plan was so expensive that it cost the city $22.3 million to support this year, amounting to 20 percent of the city’s operating budget, excluding its school system.”
In a press release dated June 15, 2011, from the Office of Governor Lincoln Chafee, Fung was listed as an Advisory Group Participant.