subscribe to the RSS Feed

Saturday, July 11, 2020

Pension article

Posted by Lou on August 16, 2016

Brothers and Sisters,

In case you you missed it, there was another not-so-rosy depiction of our pension fund in the Providence Journal recently. See the article here. The article indicated a negative cash flow, due to disbursements outpacing contributions and investment returns.

In some good news, congratulations to the Local 2881 scholarship award winners: AnneMarie Martella, Jordan Ferris, Clara Crawford, and Megan Wood. We hope that the award goes to good use in your future education.

Local 2881 Executive Board

August updates

Posted by Lou on August 9, 2016

Brothers and sisters,

– Thank you to all who came to the summer outing recently. We appreciate your participation and hope you enjoyed the time spent with your union brothers and sisters.

– You may have seen our pension fund in the news lately:, and

– If you are interested in joining the Local 2881 executive board, please contact Carmino Paliotta or Joe Antonio. There is currently a vacancy in a trustee position.

Enjoy the rest of your summer!
The Local 2881 Executive Board

July updates

Posted by Lou on July 18, 2016

Brothers and Sisters,

Just a few quick updates and items of interest:

Don’t forget about our Summer Outing – 2016 Summer Outing Flyer. There will be food and fun for all! Some folks have been saying, “But why is it at just a Knights of Columbus hall?” Just a Knights of Columbus hall?!? This isn’t just any Knights of Columbus. It’s got bocce courts, room for volleyball, and it is right next to Governor Notte Park! Notte Park has a beach, playground, tennis courts, fishing access, and a canoe/kayak put-in area!

BUT WAIT! THERE’S MORE! You also get two (yes 2!) hours of administrative leave to attend the outing. We get so little these days, that we would hate to lose our free time off due to low ticket sales.

Also don’t forget about the Local 2881 Scholarship 2016 application packet. Applications are due July 31. More information and instructions are in the application packet.

Pension links, anyone?

As always, feel free to contact any of us with questions and concerns. See you at the outing!

Local 2881 Executive Board

June Updates

Posted by Lou on June 3, 2016

Brothers and sisters, here are some updates and items of note:

Stay tuned for all the details of the Summer Outing!

General Membership Meeting

Posted by Lou on May 13, 2016

Brothers and sisters,

Our next general membership meeting will be held on Tuesday, May 24 at 4:20pm in the 3rd floor cafeteria of the 235 Promenade Street offices. The agenda will include a discussion of the summer outing, a report of findings from our trustee and professional financial audits, and any new items that you might have for us.

In the meantime, enjoy this article which describes a $38 million projected increase in revenues by state financial analysts for the current fiscal year and another $9 million for next fiscal year. What it doesn’t describe is using that increased revenue to boost the funding percentage of our pension fund. Guess it’s only OK to worry about the pension funding when it can be used to reduce our benefits.

See you then!

ERSRI System update

Posted by Lou on May 6, 2016

Brothers and sisters,

We received the following message from the Employee’s Retirement System of Rhode Island (ERSRI), saying that the online system is being upgraded. See below.

Dear Labor Leader,

The Employees’ Retirement System of Rhode Island (ERSRI) is upgrading its computer system to a modern technology platform that will enable us to deliver better customer service.

The system upgrade will NOT impact the monthly pension payroll. Retirees’ pension payments WILL be made as regularly scheduled on the last business day of the month.

Here is important information you can share with constituents who may contact you with questions about changes to the system:

  • ERSRI is moving to a modern technology platform that will enable us to deliver better customer service.
  • The new system will allow for future integration between ERSRI and TIAA (the Defined
  • Contribution Plan) websites.

  • The new system will enhance the benefit estimate tool and offer easier navigation with a new look and feel.

During the conversion there are a few items you may communicate to your constituents if asked:

  • Address changes cannot be made through the ERSRI website from May 9 to June 6. However, your constituents may mail changes or contact ERSRI directly.
  • There may be delays in processing retirement applications, benefit and eligibility estimates and changes to account information as we transfer to the new system.

We appreciate your constituents’ patience during this transition, and will make every effort to respond to all inquiries and requests as quickly as possible.

Please feel free to contact my office with any questions, at (401) 462-7600.


Frank Karpinski
Executive Director, Employees’ Retirement System of Rhode Island

Also, please remember that the 2016 Giovanni Folcarelli Scholarship applications are due May 21. Children and grandchildren of members in good standing are eligible for this award. The application packet can be found on the RI Council 94 website.


Pension links

Posted by Lou on May 5, 2016

Brothers and Sisters,

There have been a bunch of links to articles about pensions be sent around among our membership lately, so it makes sense to post them here.

It looks like one of the nation’s largest pension funds could be cutting benefits for retirees. The part of this article that really hit home with me was:

For many workers, the promise of a [pension] — a benefit now nearly extinct for younger generations — was at times strong enough to convince them to sacrifice pay raises or other job opportunities.

Locally, Ted Siedle takes the Governor to task regarding investment returns from her former employer’s hedge fund, Point Judith Capital in a recent article on And posts a brief article talking about how the pension fund lost money by investing with Point Judith Capital, while the Governor continues to earn her share of management fees paid to the fund.

How does this make you feel? What should union members be doing to combat these issues? Let us know in the comments below.


Pension Fund News

Posted by Lou on March 8, 2016

More bad news about our pension fund: is reporting that the state employees’ pension fund has not grown under Raimondo or Magaziner.

There are multiple reasons for this, but it basically comes down to a combination of two factors.

1) Negative cash flow – Due to the age of the system and previous generosity to people who weren’t contributing and/or early retirements, the fund pays out more in benefits than it receives in active employee contributions.

2) Underperforming investments – The pension fund return on investment over the last five years has been 9.77%, but the S&P 500 (an index of 500 large corporations considered the best respresentation of the stock market as a whole) has increased 14.1%. Ted Siedle will be specifically investigating the real estate portion of the pension fund investments in an upcoming investigation.