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From: NEW: Senator Whitehouse Apologizes for Comments

in News

Sen. Whitehouse has been a big disappointment. This is not the first time he has gone on a rant on the Senate floor. In fact, after supporting him the first time, I voted for his opponent last November. I wonder if because he comes from the quintessential WASP pedigree he feels the need to overcompensate in his liberal leanings.

From: poll: Providence Mayor’s Race - Who Would You Support?

in Politics

Comically, you can click to vote as many times as you want - without limit. I bet the computer programming for this was done in East Providence - they like voting that way too.

I wonder how many times Sionni "clicked himself".

From: Providence Pension Projection Data Raising Questions

in News

Michael

ON YOUR ISSUE OF EMOTIONAL,

IF YOUR BROTHER DIED IN THE LINE OF DUTY AND THEY

TRY TO DENY HIS WIDOW AND CHILDREN WHAT IS RIGHTFULLY AND LEGALLY THEIRS IF YOU WERE NOT EMOTIONAL IT WOULD BE SOMETHING WRONG WITH YOU.

NEXT IF I THEN BREAK A CONTRACT WITH YOU TO STEAL YOUR LEGAL

PROPERTY RIGHTS. RIGHTS I PAID FOR TO THE AMT OF 10% EVERY WEEK YOU TOO WOULD BE UPSET.

SO MICHAEL I WOULD BE HAPPY TO MEET AND GO OVER ANY OF MY DATA.

I AM NOT WRONG KATY IS AND IF YOU SUPPORT HER MISTATEMENTS THEN YOU ARE WRONG.

Stephen

From: NEW: Senator Whitehouse Apologizes for Comments

in News

I feel we should respect the office even if we dislike the opinions of the Senator. Having said that I would like to respectfully ask the Senator to resign. He has been Senator from RI long enough and it is time for someone new to come in and serve. I am hopeful that Mr. Whitehouse doesn’t want to become a career politician. Thank you for your service. That’ll do.

From: LEGAL MATTERS: How To Beat That Speeding Ticket

in Business

the sad part is that you have to take time out to go to court for this.


it is a waste of the courts time and the speeders time when its going to get cancelled out anyway.

From: Providence Pension Projection Data Raising Questions

in News

here are some hard facts about Browns endowment which were brought up earlier as a better way to manage a portfolio....the FACT is they use private equity and hedge funds actively and only refer to "risk adjusted returns" which is obviously the correct metric....this is just one example of how many misleading statements and twisted logic has emanated from some posts
for reference

http://www.pionline.com/article/20111020/DAILYREG/111029994/brown-endowment-gains-19-in-fiscal-year

As of June 30, the fund had 21% in global stocks, 31% in hedged strategies, 22% in private equity, 14% in real assets and 12% in fixed income and cash.

Brown generated an average annual return of 7.7% over the past decade.

From: Half of RI Renters Spend Over 30% of Income on Rent

in News

anytime you hear the words more affordable housing.. RUN! because more affordable means you will pay for someone else who can't afford a home.
your higher taxes= affordable housing programs.

From: Providence Pension Projection Data Raising Questions

in News

Providence Pension Projection Data Raising Questions

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Monday, May 20, 2013

Kate Nagle, GoLocalProv News Contributor




Are municipal pension funds in RI forecasting accurately for their projected unfunded liabilities?
As the Providence City Council's Ways and Means Committee has been holding hearings on Mayor Taveras' fiscal year 2014 budget proposal, the health of the City's pension fund continues to come under close examination -- and scrutiny of its unfunded liability assumptions.

While the City recently lowered its projected rate of return from 8.5 to 8.25 percent, it is still significantly higher than the state's recently adjusted rate of return of 7.5 percent, which when lowered in 2011 saw a dramatic increase in the unfunded liability which General Treasurer Gina Raimondo addressed in comprehensive pension reform measures.

In light of the significant municipal pension fund concerns, the state required in 2012 that cities and towns with pension funding ratios of less than 60 percent to submit "Funding Improvement Plans" with projections both at their current actuarial rate of return level, as well as a half a percentage point below, for comparison.

Regarding the numbers reported, a source involved with pension funds in the state told GoLocal, "I was surprised to see the projected unfunded liability level increases to be at the levels shown, especially in light of what occurred with the drop in interest rate at the state level. The fact that projected municipal unfunded liabilities didn't appear to go up that much at all [on a half a percentage point decrease] surprised me."

"An additional lowering of fifty basis points (as required by the state to be reported) would be expected to be much higher, I would think," the source continued. "It's based on actuarial assumptions, which I can't speculate on, but that did stand out to me."

Last week, in a segment on BondBuyer.com entitled, "Why Moody's Changed Pension Analysis," Tim Blake with Moody's, which provides credit ratings for its investor clients, said, "The accounting and reporting of pensions in the government sector is very different than the private sector. It's not standardized, and we believe it under reports liabilities for the balance sheet perspective."

State Reporting Shows Similarities, Discrepancies Among Municipalities
In the Funding Improvement Plans required by the state in 2012 from municipalities with funding ratios of less than 60 percent, the FIP for Providence -- as well as a number of other municipalities -- showed only modest increases in unfunded liability projections with a lower rate of return assumption.

A look at the City of Providence's FIP, or "Critical Status Emergence Plan," shows that prior to making pension fund improvements, the City's unfunded pension liability would have been over $925M for FY13, and over $937M for FY14.

With a rate of return of 8.25 percent, along with COLA freezes and other measures taken to increase funding of the pension system, the unfunded pension liability for FY13 was reported to be $739M, and projected to be $749M for FY14.

As required by the state, a look at a reduction in the rate of return from 8.25% to 7.75% saw an increase of unfunded liability to $742M for FY13, and $754M for FY15, by comparison.

Other municipalities reported significant changes in unfunded pension liability in light of reducing their interest rate assumption, however.

The actuarial valuation for its police pension fund provided by Bristol to the state in November 2012 indicated a drop in interest rate assumption from 8% to 6.75%, and the net impact of the assumed changes, which included other factors besides the rate of return change, was an "increase in the unfunded accrued liability of $4.2 million" -- on previously unfunded liability of only $9.25 million.

With the rate of return decrease of 1.25%, the increase of nearly 45% in unfunded liability would correlate to roughly 9% per quarter percent. By comparison, if the City of Providence were to decrease its rate of return by another half a percent based on these assumptions, a correlating 18% increase in unfunded pension liability would be over $133 million.

In its Funding Improvement Plan, however, Bristol showed that for the police pension fund, a further drop of a half a percentage point in rate of return, as required for analysis, would only yield an increase in FY13 of unfunded liability from $14.25 million -- to $14.3 million.

Bloomberg Contributor Critical of RI Municipal Pension Structure
In an article on Bloomberg.com on February 8, 2013 entitled, "Why Municipal Pensions are a Terrible Idea," contributor Josh Barrow wrote, "Pension systems are complicated, and overseeing them properly takes time and expertise. This is a heavy lift for municipalities overseeing small pension plans".

Citing states total unfunded municipal pension liability as being currently at more than $2.3 billion for 36 municipalities, he writes, "This lack of attention has meant that local plans are much more likely than statewide plans to have become deeply underfunded."

Barro advocates for closing municipal pension plans having one system for municipal workers to be overseen by state government, citing Rhode Island's improvement of its funding ratio from 48 to 61 percent with recent reforms.

"The biggest challenge with closing local pension systems is one of fairness: making sure that it doesn't become an opportunity for irresponsible towns and cities that underfunded their pension plans for decades to dump their liabilities into a statewide pool. In some places, municipal officials and unions might also resist the loss of local autonomy, but in Rhode Island they would likely be grateful to have a problem off their hands," wrote Barro.

City Council Moving Forward With Assumptions
Providence City Councilman Luis Aponte said he thought that that the City's proposed ARC for FY2014 of $62 million was in line with the most recent projections available, as part of the recent settlement that the city fund the amount required at at least 90%.

"We're confident that this number is accurate in light of current assumptions," said Aponte. "My hope is that we'll continue to move forward to get the fund up to where it needs to be."

Aponte did acknowledge however that a new actuary could change assumptions -- and that the City has narrowed down a list of potential actuaries to three, after firing its previous actuary, Buck, earlier in the year for miscalculations.

"We're hoping that the number still holds true," said Aponte. "We won't know until we get a new actuary if this is an accurate number."

The City Council will be holding a public hearing on the budget this coming Wednesday.



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Comments:
Katy Sloop
10:26am on Monday, May 20, 2013

Is the projection calling for 8.25% annual returns on average, for many years to come, including all the good and bad years of the market? 8.25% may be overly optimisitic. As with all invesment plans, meeting the target rate of return depends on a few factors:

1. Over what time period is that average?
2. What is in the investment portfolio now?
3. Will it be funding going forward to the amounts used in the calulations?
4. How much if the investment principal will be withdrawn by the investors (pension holders) each year?
4. What is the risk tolerance of the investors, on scale from conservative to agressive?
5. What the projected market performance for next decade or so? (crytal ball needed here)

Over a 50 year time horizon, if broadly invested in S&P 500 stock index, then the 8.25% is reasonable. But there will of course be some years of 0% and some of 15%. Aside from actuaries, the pension board should speak to some investment professionals to see if the plan is invested in a way that's likely to generate the 8.25% and if the investors' assumptions and risk tolerance levels are realistic, etc.

James Hackett
10:51am on Monday, May 20, 2013

Let's not neglect the fact that all of the money shouldn't be in the stock market and a good portion of pension funds would ordinarily be invested in fixed income. With a yield of 1.92% on the 10 YR Treasury, that leaves a lot to be made up for whatever else you invest in. Simply put, if 1/2 of your money is in 10 YR Treasuries earning less than 2%,(and contributing 1% overall to the fund annually) and you want an overall yield of 7.5, that means the other 1/2 of the money needs to yield 13% - not an easy task.
The problem becomes more acute when the need for yield trumps reasonable expectations of returns, and undue risk is taken,(such as putting all of the money in the stock market) setting up such funds for potential disaster.

Katy Sloop
11:34am on Monday, May 20, 2013

James. You are spot on.
To get 8.25% annually and consistently this year and for the forseeable future, the pension plan would need to be invested largely in fairly aggressive stocks, or even the much-feared hedge funds. If the fund is going to remain largely invested in fixed income, low risk, then the 8.25% is beyond a wildly optimistic projection...it is downright deceptive, in my humble opinion. Pension holders those be very skepical and ask many questions about the assumptions that are being factored into the 8.25% return.

Harold Stassen
11:58am on Monday, May 20, 2013

BREAKING NEWS! Providence Municipal Pension Plan in Dire Straights.

This story speaks volumes; sounds more like the deckhands on the Titanic rearranging the chairs than a solid plan to address funding deficiencies. Any wonder Taveras wants out?

Stephen DeNinno
12:53pm on Monday, May 20, 2013

Katy, or is your name a play on the USS Providence? I will give you the benefit of the doubt about lowering expected returns. But over the years and I will paste this, stocks Return: 10.7% average, with years as bad as -43.59% and as good as +52.83%. Now I know that you have to diversify the portfolio, but a pension is a long term goal. My problem with hedge funds is the fees. Just so you no, Mr Siedle is looking into Providence pension to see which irregularities he can find. I depend on this pension and have much more to lose than anyone not tied to city employment. I am not one of the few making outrageous pensions and I barely can survive on what I make. Going 10 years without a raise (which SS has) will BR me. Added into the mix is the city going back on the medical word, and this will cost me thousands. Lastly don't make promises you cannot or have no intention of keeping.

Harold Stassen
1:56pm on Monday, May 20, 2013

@S.DeNinno:
You make a fair point. As overly generous as many state/municipal pensions are, someone (i.e. politicians) had to agree to them. Way too many elected officials have not been held accountable for agreeing to these unsustainable pensions and then NOT funding them properly. All the while the municipal/state workers had their contributions deducted each and every pay period. This may pea some folks off but it's the truth and not fair.

Stephen DeNinno
3:01pm on Monday, May 20, 2013

Harold, we are not any over generous as any fire department pension, in maybe the entire country. There were some shenanigans going on for about 20 retiree's with that 6% B.S. but most of us have a modest pension. Those retirees were all politically connected. How would the general public like it if the Feds, cut everyone's COLA in SS? You would have an outcry like you have never seen before. What if the feds, cut people's Medicare so it cost them thousands more a year? I have no problem with current employee's contracts being changed. They have time to make the decisions and finance some of their own retirement. However once you retire, you are vested (Arena v city of Providence) and you CANNOT change contractually negotiated benefits. Unlike state employees, we have the COLA and Health care written into the contract. Peace

James Hackett
3:05pm on Monday, May 20, 2013

For those who think the past is prologue, take a look at the Nikkei 225, an index of the Japanese market similar to our S&P 500. In 1989, the Nikkei 225 was about 39,000. Today? 15,360. (And that is after running up in the last year from 8300) That is a loss of 60% over a 24 year period. We can talk about average returns for specific period of time, but that is all just noise. Take the Japanese guy who in 1989 was 50 years old. Today, he is 74 and ready to retire. His $500,000 in an index fund in 1989 is now worth $195,000. Tell him not to worry, the average return is 10.7%. Do you think that gives him any comfort? And for the record, Japan has had a zero interest rate policy for as long as I can remember. The only saving grace for the Japanese guy might have been if he had anything in Japanese Government bonds - then he might have just not lost anything.
Remember, if you have $100,000 and you lose 50%, you are left with $50,000. To get back to $100,000 you need to make a 100% return - not that easy!

Stephen DeNinno
3:41pm on Monday, May 20, 2013

James, your point? That history is for Japan. We know nothing of what caused their giant fail, what controls, regulations, what kind of regulatory body they have. I made a factual statement. Since it's inception, the stock market has averaged 10.7%. Is that a guarantee of future returns? No, it is based on facts from the past. In our stock market, we have had plenty of scandals including the Dot com bubble, The housing bubble, and all the illegal activities that went along with that. It caused the great recession and hit everyone hard. We are 6 short years later, at record levels in all three major indexes. I don't have a crystal ball, but If the city were made to pay SS for police and fire, they would be broke. They take advantage of a pension system, that we depend on. They gamble with MY money, because in the past, they certainly didn't put in their money. Do we hold the politicians accountable? Ask the Liar and chief Buddy....You can reach him at 401-438-WPRO.

Katy Sloop
3:49pm on Monday, May 20, 2013

Stephen D.

Not sure where you are getting this info:
"stocks Return: 10.7% average, with years as bad as -43.59% and as good as +52.83%."
It's probably about right if you are including all stocks in S&P 500 for the past 50 years. I think that average return is about 9%. So yes, of course that includes some awful years down 40% and some great years up 50%. Those boom and busts are pretty rare.

But this big question is this....

Is the pension plan invested in stocks? 100% in stocks? I dont think so. It's probably mostly invested in conservative, low yeild, low fee treasuries/bonds. Those are earning under 2% these days, as others have pointed out.

So, are you going to let the pension fund managers invested in agressive stocks to reach your annual average of 8.25% and will you give a 50 year window to reach that average? I'm confused by what you and the pension holders think is a reasonable return in the modern market, and how much risk you are willing to take to hit the 8.25%. Don't forget, as with the black jack table, risk also implies you could lose a lot of the investment.

Stephen DeNinno
3:55pm on Monday, May 20, 2013

Katy, I gave you that one a couple of posts ago. And yes I realize there are many investments involved in a pension system, including cash. 0% But we never, not once, no matter how much you think we pulled the strings....Set the return at 8.25%. The actuarial consultant did that. With prodding from the city, to keep it high. It did not change the fact that I paid nearly 10% in every single week. It only allowed the city to underfund the pension. (see Local 799 V city of Providence and Cianci 1991) That case, was the supreme court telling Cianci, there was no law or ordinance that says you have to pay in, but don't you dare come back to this court, telling us you can't afford to pay those pensions. Well as you know, that's exactly what the city did. You wanna guess which justice wrote that opinion? Why none other than Judge Flanders, you know the hatchet man of Central falls.

Katy Sloop
4:05pm on Monday, May 20, 2013

Stephen D.

If your pension was primarily invested in stocks from 2007 to 2013, then you would have seen a massive loss for a few of those years, followed by a massive gain in just the past 2 years. The DOW and S&P 500 stock index only recently returned to the 2007 levels.

Would you have been OK seeing those massive down years? The investors who had the stomach to endure those very ugly down years 2007-2010 were greatly rewarded for keeping their stocks in the market and not cashing out. I just wonder if the union members you represent would have the stomach for those scary down years?

Probably not. Therefore, you should expect an annual rate of return of maybe 3% if you invest connservatively in bonds, treasury notes and some stable value stocks.

Katy Sloop
4:09pm on Monday, May 20, 2013

So you are saying that the unions fough hard for many years to keep Buddy in office, followed by Paolino, Cicilline, etc....but now you are saying those guys you fought to elect actually screwed you over? I guess the only lesson is, be careful who you help get elected.

Stephen DeNinno
4:19pm on Monday, May 20, 2013

Katy, our relationship with Cianci was acrimonious in the beginning, we grew to tolerate each other. We had NO relationship with Paolino, and no contract for the 5 years he was there. You must be sniffing glue if you think for one minute we ever supported Cicilline. You do read the news don't you? We picketed him for 8 years straight. Tavares, I don't know I have been retired since 05. Since about 85% of firefighters and police officers live outside the city, how exactly did we put these people into office? And why would we sue Buddy about just what you're talking about here, if you knew the money wasn't going into the system? Buddy may have had 1033's support, since many of those members lived in the city, and many owed their jobs directly to Cianci. I was a junior in college when I applied, and was NOT from Providence nor did I know anyone from Providence. I was as stunned as anyone when I got into the school. After written test and Physical agility test. So the only time I med Buddy, is when he swore me into captain, in 99.

Redd Ratt
4:59pm on Monday, May 20, 2013

Steve, I think it was it the Governors conference you forced to move out of state because you planned on picketing the conference because you couldn't get Cicilline to give in to your demands. How much revenue did that stunt cost the businesses of Providence and Rhode Island. Cicilline gave in when he wanted to run for Congress and he screwed the people of Providence yet again...And spare us the "my small pension". You probably make over $60,000 while most people are living off $20,000 social security payments. YOU are the reason people don't like the public unions.

Stephen DeNinno
5:26pm on Monday, May 20, 2013

P.S. I said modest pension not "my small pension" keep your facts straight.

Stephen DeNinno
5:31pm on Monday, May 20, 2013

first, that was the only contract that cicilline ever negotiated. It never went through. When Tavares found out how bad the city financial shape was, he asked and we gave up that entire contract. Also gave back 10%. So how exactly did we screw the city? You can't even use your own name, coward. I make no where near 60 grand by the way. And to quell other rumors, overtime is NOT included in our pension. SS is only 6.2% per week while I paid 10% with no limit. My wife's ss payment will be about $600 dollars less than my pension, and she paid much less into it. Even if I lived to 85 and had my COLA my pension would not reach 60 grand. By the way, cicilline deserved everything he got. You have no idea of what he did to us. Put in an unqualified chief, would never even speak to a union rep. So you believe what you see in the papers? Who ended up being the liar?

Donna Day
5:57pm on Monday, May 20, 2013

Stephen D
Please do not let KATY get you going that is her objective, say outrageous comments to deflect from the facts.

KATY SLOOP CAN ONLY PUPPET BAD INFORMATION TO SUPPORT HEDGE FUNDS.
SELECT POSSIBLE REASONS FOR KATY SLOOP MISINFORMATION:

A. She Works for TAVERAS or RAIMONDO.

B. She is Related to TAVERAS OR RAIMONDO.

C. SHE WORKS FOR A HEDGE FUND TO SEND OUT PROPAGANDA.

D. SHE HAS NO IDEA THE FEES OF HEDGE FUNDS.

E. SHE HAS NO IDEA HOW PROVIDENCE HEDGE FUNDS ARE PERFORMING.

F. SHE HAS NO IDEA HOE STATE HEDGE FUNDS ARE PERFORMING.

G. ALL OF THE ABOVE


CORRECT: G. ANSWER ALL OF THE ABOVE

Stephen T. Day

Katy Sloop
6:36pm on Monday, May 20, 2013

Donna Day Stephen Day,

OK, i guess I will agree with you that the unions always supported the republican candidates for Mayor of Providence. And for Governor too, while we're at it. I didn't say a word about how the pension's Hedge Funds have performed. I don't know what annual rate of return they produced in 2011-2013. Do you know? It's you pension. You should know. How you you explain that the top state pension plans in the USA are heavy on alternative investments, aka Hedge Funds? It's not my report, read it here. Check out Missouri. It's largely hedge funds and is kicking RI pension plan's butt:
http://www.pionline.com/article/20120709/CHART01/120709936

Redd Ratt
6:42pm on Monday, May 20, 2013

"cicilline deserved everything he got"

He got promoted. Is that what he deserved? Your union drove business away from Providence with picketing and threatening to picket.Why don't you answer that?

Public unions, destroying America from the inside out.The firefighters and the other public unions made this mess. Now we all get to pay for it.

Katy Sloop
6:42pm on Monday, May 20, 2013

I do agree that the biggest problem with the pension plan is not the annaul rate of return, but the fact that is has been so badly under-funded for many years. Who is blame for that? I don't know. I look around RI and I see almost 100% of elected seats held by democrats for the past few decades when this problem just grew and grew. Maybe the unions should have voted Republican? If you want a program with financial integrity in RI, experience should tel you that voting for Democrats is not the smart path. But you will never vote otherwise, we alllll know that. So, your pension is what you voted for, I guess.

Katy Sloop
6:58pm on Monday, May 20, 2013

A. She Works for TAVERAS or RAIMONDO.

B. She is Related to TAVERAS OR RAIMONDO.

Yeah, when hell freezes over. That is why I'm begging you to vote Republican? By the way, that list of states with the top performing state pension plans is mostly Republican states, or at least are not 90% run by democrats like RI has been for 70 years. If you want better results from you elected reps, start to elect truly different reps.

Matt Cavanagh
7:05pm on Monday, May 20, 2013

Stephen,
I would not be so dismissive of Japan, the 3rd largest industrialized economy in the world. We actually know quite a bit about them and what happened. In 1989 they were amongst the worlds greatest savers, and, unlike our country, were able to tap into that vast domestic savings reservoir to fund their government bond sales largely themselves. Unlike us, relying on China and funny money created out of thin air.
While there were many similarities in with a real estate bubble, Japan was in many ways better positioned in 1989 than we are today, and look what happened to them. Don't think that can't happen here. It is apparent that you, like many, if not most, think we are out of the woods. I can assure you we are not. Ponder this - we have a stock market trading at all time highs. We also have a bond market trading close to all time highs. How can that be? Were that due to massive inflows of foreign captial, it would be understandable. But figures show that not to be the case. Therefore, what we have in this country right now is a situation akin to high-tide all over the world, and that is not possible. Something irrational is going on and it will not end well. How is it that all these municipal pension plans seem to have roughly the same rate of return - and they are all massively underfunded? I would be prepared for extended periods of returns in the low single digits and possibly, like Japan, negative returns. Hopefully that will not materialize, but it would be better to expect less than more.

Donna Day
8:42pm on Monday, May 20, 2013

KATY SLOOP
NEWS FLASH: UNIONS HAVE HAD ZERO SAY WITH THE INVESTMENTS;
IT WAS TAKEN AWAY IN 1996-97.
TOTAL CONTROL WAS GIVEN
TO AN OBSCURE COMISSION THAT THE MAYOR
AND THE MAYOR ALONE APPOINTS.
TAVERAS APPOINTS ALL MEMBERS TO THE COMMITTEE AS MAYOR, AS DID CICILLINE.

SO STOP BASHING THE UNIONS. CHECK OUT THE FACTS AND ATTACK THE RIGHT PEOPLE.

Donna Day
8:54pm on Monday, May 20, 2013

KATY SLOOP

OK ADD:

H: SHE IS A REPUBLICAN THAT HATES UNIONS AND BLAMES THEM FOR ALL ILLS OF SOCIETY.

TOO BAD BECAUSE WE HAVE MORE IN COMMON TO STOP BEATING EACH OTHER UP AND GET BEHIND THE TRUTH WHICH WILL AID ANY REPUBLICAN CANDIDATE.

NOTE TO REPUBLICANS: TRADITIONALLY HAVE SUPPORTED LAW AND ORDER, PUBLIC SAFETY AND IN RETURN PUBLIC SAFETY HAS ALIGNED WITH REPUBLICANS.

LOOK WHAT JUST HAPPENNED IN DETROIT IN NOVEMBER. THE POLICE WERE TOTALLY BEHIND THE REPUBLICAN, WHO WON.

RAIMONO HAS GAMBLED AWAY MILLIONS AND SO HAS TAVERAS.

WE NEED TO KNOW THE EXACT NUMBERS AND ONLY AN EXPERT WILL BE ABLE TO GIVE US THEM.

I BELIEVE IT WILL SHOCK THE STATE AND THE RETIREES WHEN THE NUMBERS ARE EXPOSED.
IF THEY ARE NOT EXPOSED IN TIME BEFORE THE ELECTION THEN IT WILL BE FORGOTTEN.

YOU SHOULD SUPPORT OUR EFFORTS TO EXPOSE RAIMONDO AND TAVERAS AND YOU WIN WITH A GOOD SOLID REPUBLICAN. UNLESS A STRONG DEMOCRAT COMES ALONG.

Stephen Day

Donna Day
9:02pm on Monday, May 20, 2013

P.S.

OVER THE LAST 10 years previous to 2011,

THE CITY OF PROVIDENCE PERFORMANCE BEAT THE STATE RETURNS

ON AVERAGE OF 2%.

THAT IS AN AWFUL LOT OF MONEY ON 7 BILLION DOLLARS.

BUT IT DOES NOT MEAN WE HAVE NOT BEEN RIPPED OFF ON FEES AS WELL.

IT JUST MEANS THE STATE HAS UNDER PERFORMED BADLY.

WE ALL NEED THE REAL MUNBERS!!

KATY
STEVE D
STEVE DAY
CAROL
REDD
JAMES

WE ALL NEED THE ACTUAL FEES NOT THE STORY LINE OF I HAVE NO IDEA WHAT THE FEES ARE!!

MAYBE THAT WE CAN AGREE ON.

Stephen T. Day

Donna Day
2:23am on Tuesday, May 21, 2013

REDD RATT

YOU HAVE NO IDEA WHAT YOU ARE TALKING ABOUT.

NON UNION WORKERS MAKE MORE THAN UNION WORKERS IN MANY PLACES>

SO EASY TO BLAME UNIONS WITHOUT FACTS.

I GET IT REDD RATT:
" Do not bother you with any facts,

you already have your mind made up"

VERY SAD ALL THE INTELLIGENT COLLEGE KIDS LEFT THIS STATE

AND LEFT US WITH RATT AND MATT.

HOW VERY SAD.

YOU HAVE NO IDEA HOW HARD BEING A FIREFIGHTER

AND HOW IT BEATS YOU OR KILLS YOU. ON AVERAGE OVER THE LAST 30

YEARS OUR AGE IS 65.

65 years old is the average of them all, each firefighter

each death, age 65,You need an education on the facts but

just do not care.

I HAVE THE NAMES, AGE AND DATES OF EACH DEATH
FOR ANY OF YOU WHO DARE TO STOP AND LOOK AT THE DATA.

MY Brother died at 49 years of age here in Providence, as a Fire Chief.

Donna Day
2:31am on Tuesday, May 21, 2013

RATT
MATT
KATY

MICHAEL J. DAY DIED JUNE 13, 2006.

IN LESS THAN A MONTH IT WILL BE SEVEN YEARS.

MICHAEL NEVER SAW ONE PENSION CHECK, NOT ONE DIME.

YOU FOOLS ARE CHASING SMOKE AND WILL NEVER ADMIT YOU ARE WRONG.

TELL THAT TO TAVERAS, HE LIKES YOUR COVER.

BUT MICHAEL's WIDOW AND FOUR CHILDREN LIVE EVERY DAY WITHOUT

HIM AS HUSBAND, AND FATHER.

AS WE APPROACH THE ANNIVERSARY OF HIS DEATH AND FATHER'S DAY

MAYBE YOU ALL COULD STOP WITH THE SMALL TALK AND DO SOMETHING

POSITIVE,LIKE FIND OUT WHAT TAVERAS IS PAYING FOR FEES IN HIS

HEDGE FUNDS. REAL DATA, REAL NUMBERS AND THEN WE CAN TALK.

WE CAN TALK IN PERSON IF YOU WANT TO SEE DATA.

BUDGET MEETING COMMING UP HOW MANY OF YOU WILL SHOW UP TO TELL

TAVERAS YOU HAVE HAD IT WITH HIS LIES>??

Donna Day
2:39am on Tuesday, May 21, 2013

KATY

WHEN MICHAEL DIED THEY CREATED AND DESIGNED A

RED BUMPER STICKER THAT SAID,

"MICHAEL J. DAY WE WILL NEVER FORGET YOU"

SAD IF I DID NOT JUST TELL YOU HE DIED IN THE LINE OF DUTY

YOU WOULD NOT EVEN KNOW HIS NAME!

THAT'S THE BIG LIE WE LIVE WITH, WE ACTUALLY THINK YOU THE GENERAL PUBLIC CARES ABOUT OUR SACRIFICES AND CALL TO DUTY.

WE WILL STILL BE THERE BUT KNOW WE KNOW HOW LITTLE WE MATTER TO

COLD HEARTED BEAN COUNTERS WHO DO NOT LIKE OR RESPECT YOU EITHER.

NOW THAT IS IRONIC.

BROWN GETS RICHER,

TAXPAYERS GET POORER,

RETIREES GET SCREWED AS WELL

AND TAVERAS RUNS FOR GOVERNOR ON ALL OF US WHO CARE.

Rest in PEACE MICHAEL J. DAY.

THERE ARE STILL SOME OF US WHO WILL NEVER FORGET

YOU SACRIFICE AND CALL TO DUTY.

STEPHEN T. DAY

Donna Day
2:45am on Tuesday, May 21, 2013

MATT CAVANAUGH

THE ANSWER TO YOU QUESTION LIES IN COURT CASE # 97-256

and the ASSOCIATED APPEAL IN THE

SUPREME COURT OF RHODE ISLAND # 99-256,

WHICH UPHELD THE LOWER RULING.

KATY SLOOP,

INDULGE ME AND GOOGLE THAT CASE AND TELL ME

I AM WRONG. I SUED THE CITY WITH THE RETIREMENT BOARD

TO STOP THE CITY'S GROSS UNDERFUNDING..... READ IT!!

Katy Sloop
3:56pm on Tuesday, May 21, 2013

Donna,

The focus of your argument should be why the city pension funds have been so grossly underfunded for so many years, and who is too blame. Taveras has not been in office long enough to be blamed for that mess. Neither has Raimondo. So who is too blame. Only three groups:
1. The Mayors and their boards who decided to underfund the pensions.
2. The arbitrators and judges who allowed unstainable pension benefits to be negociated into the contracts.
3. The union leadership who did not shout loudly enough to bring attention to it, but instead funded a long line of democrative mayors, judges, board members, governors, city council members who all went along with the failing system.

It is a mess. But it's not right to think RI taxpayers now have to spend a many millions for many decades to fix what was basically a ponzi scheme.

Donna Day
4:04pm on Tuesday, May 21, 2013

KATY

DEAD WRONG ON YOUR NUMBER 3.

READ CASE LAW 97-256 and 99-256.

WE DID NOT SIT BY WE DID NOT AGREE TO THE GROSS FUNDING

AND IN A CIVILIZED SOCIETY WE DID WHAT WE COULD.

WE WENT TO COURT AND SUED FOR PROPER FUNDING AND THE JUUDGES IN BOTH

CASES ASSURED ALL RETIREES THAT THE CITY HAD BECOME THE GUARANTOR OF

ALL PENSIONS WHEN THEY MESSED WITH THE PROPER FUNDING.


THEIR WORDS WERE "DO NOT WORRY YOU WILL NEVER HAVE TO WORRY ABOUT NOT GET YOUR PENSIONS

NOW OR LATER"

READ THAT CASE THEN PLEASE COMMENT.

WEW DID ALL WE COULD TO FORCE PROPER FUNDING INCLUDING SPENDING HUNREDS OF THOUSANDS OF DOLLARS IN COURT.

THE CITY CANNOT NOW DO WHAT TAVERAS DID.

TAVERAS IS THE DISHONORABLE DEVIL.

AND THE CITY HAS MONEY AND ASSETTS BUT THAT IS ANOTHER STORY.

I REALLY WANT YOU AND OTHERS TO READ THAT CASE, THEN COMMENT.

Stephen T. DAY

Donna Day
4:21pm on Tuesday, May 21, 2013

KATY AND ALL OTHER CRITICS DEMOCRATE OR REPUBLICAN

IS THIS WHAT YOUI WANT

Apple Is Paying Almost No Taxes On The $102 Billion It Has made in Profit


May 20, 2013 · Apple Is Paying Almost No Taxes On The $102 Billion ...

... Make any money parked overseas be taxes ...
.Apple avoids BILLIONS in taxes with dummy headquarters in …
Daily Mail · 18 hours ago
... Apple holds some $102 billion of its $ ... U.S. income taxes on profits they reap overseas. ... to avoid paying taxes.’ The subcommittee report also ...
.More U.S. Profits Parked Abroad, Saving on Taxes
. up from $102 billion a year earlier; ...

companies are paying less tax on their overseas ... on U.S. taxes, that means Apple has paid less ...

Proof of offshore tax cheats - Debate & Political Forum - …
www.goduboisforum.com › … › Debate & Political Forum... they parked $120 billion in foreign ... up from $102 billion a year earlier;

... U.S. multinational companies are paying less tax on their overseas ...

Donna Day
4:38pm on Tuesday, May 21, 2013

A B C

APPLE CHEATS

BROWN GETS BIGGER AS NON PROFIT EARNS 125 MILLLION IN PROFIT

CVS TAX BREAK AFTER TAX BREAK


EARLIER: Report Finds Apple Is Paying Almost No Taxes On $102 Billion Parked Overseas

CONNECT THE DOTS IT HAS NOTHING TO DO WITH UNIONS

38 STUDIO'S NO UNION INVOLVED 120 MILLION

URI/ DOYLE NO UNION INVOLVED 20 Million?

JOHNSTON LANDFILL NO UNION INVOLVED 75 MILLION

TAVERAS NO UNION INVOLVED 15-20 MILLION OR MORE IN HIDDEN
HEDGE FUND FEES WHILE HE
HURTS RETIREES & WIDOWS IN OLD AGE

CICILLINE NO UNION INVOLVED 125 MILLLION HIDDEN

FROM TAXPAYERS CREATING FISCAL HURRICANE

I CAN GO ON BUT THE WASTE AND FRAUD IS NOT ON UNION HANDS AND THESE

ARE JUST A FEW EXAMPLES. UNION BASHERS POINT TO US.

BAD AND HELPS SOLVE NOTHING

michael riley
5:37pm on Tuesday, May 21, 2013

Katy Sloop,
Your contributions to this board have been very informative and accurate. I hope the rest of the participants appreciate your knowledge and the time you have taken to educate others. I certainly can tell that you know what you are talking about.
mg riley

Donna Day
10:06am on Wednesday, May 22, 2013

MG

P. S.

THe one fact she has right is the TAVERAS ADMIISTRATION AS WELL AS OTHERS HAVE BADLY UNDERFUNDED THE PENSIONS THAT HAS CAUSED THIS MANUFACTURED PENSION ISSUE.

It is not the benefits it is the fact PROMISES AND CONTRACTS WERE
MADE and now some want to reneg on those promises.

Donna Day
10:07am on Wednesday, May 22, 2013

mg

Obviously you reading comprehension is lacking.

I have corrected KATY with the hard Data and numbers to back up the

reality. Maybe you should try reading all of the comments not just the Republican ones who might support your election, if you are one in the same.

By the way KATY admits she has no factual data IE: real hard numbers on the RHODE ISLAND HEDGE FUND FIASCO.

Second she has mixed up the PROVIDENCE System with the RI STATE Systyem.

Two seperate systems two different consultants.

But your reality is your reality.

Donna Day
10:59am on Wednesday, May 22, 2013

KATY
MG
REDD RATT
MATT

FEE STRUCTURE EDUCATION 101





"In October, the Department of Labor issued new 401(k) regulations with teeth. By January 2012, a company retirement plan must disclose all of its fees and costs to employees.
This ruling affects about 72 million employees who participate in 401(k) plans with about $3 trillion in assets, according to Department of Labor estimates.
For decades, 401(k) plan fees were mostly invisible, even to employers who offered these retirement plans to their workers. In fact, a separate rule issued by the DOL last summer requires plan providers to disclose to plan sponsors all direct and indirect compensation related to 401(k) plans -- effective July 2011. And there are plenty of ways these plans can get dinged by fees, many of which get passed on to workers."


CAN ANY OF YOU TELL ME WHY TAVERAS AND RAIMONDO THINK THEY DO NOT HAVE TO FOLLOW THIS PRUDENT RULE.

THERE ARE TWO REASONS, NEITHER ONE HELPS TAXPAYERS!!

EVEN STATE AUDITOR GENERAL HAS CALLED FOR FULL DISCLOSURE.

SO THE ONLY REASONS ARE IF THEY TELL YOU YOU WILL BE VERY UPSET ONCE YOU KNOW THE SIZE OF THE FEES.

Stephen

From: Providence Pension Projection Data Raising Questions

in News

KATY
MG
REDD RATT
MATT

FEE STRUCTURE EDUCATION 101

This starts with just 401K accounts

This is a great Article to show you HOW DEVASTATING FEES ARE TO RETURNS.

These are fees that are tiny,and small compared to HEDGE FUNDS.

BUT THE CONCEPT IS THE SAME. IT RIPS OFF YOUR RETURN.

Posted:May 22, 2013Location of article:
http://www.bankrate.com/finance/retirement/401k-fee-disclosure-boondoggle.aspxEmailSavePrint

Stephen

From: Julia Steiny: Public Schools Owe Neglected Kids More Than Academics

in News

Got this from the Yale School of Medicine web page regarding the Comer School Development Program (SDP).

"Over the past 40 plus years numerous schools have used SDP to similarly close the achievement gap. The SDP model has been implemented in more than 1000 schools in 26 American states, the District of Columbia, Trinidad and Tobago, South Africa, England, and Ireland."

Not quite 80,000. Does anyone fact check anymore?

From: Providence Pension Projection Data Raising Questions

in News

MG

P. S.

THe one fact she has right is the TAVERAS ADMIISTRATION AS WELL AS OTHERS HAVE BADLY UNDERFUNDED THE PENSIONS THAT HAS CAUSED THIS MANUFACTURED PENSION ISSUE.

It is not the benefits it is the fact PROMISES AND CONTRACTS WERE
MADE and now some want to reneg on those promises.

From: Bi-Weekly Paycheck Legislation Gets Pushback From Employees

in Politics

I haven't been paid weekly since college. Like the politician said if people on social security can budget for a month workers can budget for 2 weeks.

From: Half of RI Renters Spend Over 30% of Income on Rent

in News

Total mistake. Why not mention that home owners spend probably more than 30% of their income on their mortgage, utilities, taxes and other living expenses like landscaping? All these "intervention" programs to get less fortunate people into housing just drives up the prices. When you have the gov't paying $600/mo for people to live in an apartment via section 8, now you bring up the cost of that house, hence raising the bills for the buyer. That drives up the price on houses without section 8 either because Realtors use "comps" when pricing houses. So now the multifamily homes cost more, hence the rent has to go up. We have to come up with a completely different alternative from artificially raising house prices subsidized by section 8 housing.