Gina Raimondo on Social Security

	Gina Raimondo on Social Security

Reformed state pension program, raised retirement age

Raimondo's landmark was overhauling the state's pension program to rein in a system that was increasingly costly without a robust funding mechanism. Her pension reform was finalized after she became governor and survived lawsuits from government unions. The state and the unions ultimately reached an agreement to preserve much of the original program, which created a hybrid plan with contributions from the state and employees, suspended cost-of-living adjustments and raised the retirement age. Source: 19th News e-zine on 2021 Biden Cabinet , Jan 7, 2021

Moved workers from state pensions to 401(k)-like plans

Perhaps the biggest thing hanging over her head in the primary is pension reform. In her first term, Raimondo finished implementing a plan to eliminate cost-of-living increases and move workers into retirement plans that resemble 401(k)s. Raimondo made the case that the state pension system would go bankrupt without the overhaul. Source: Vox.com blog on 2018 Rhode Island Gubernatorial race , Sep 12, 2018

Cut tax on Social Security payments

We've listened to Rhode Islanders who felt like their leaders weren't doing enough to support them: We raised the minimum wage; we passed paid sick leave, because no Rhode Islander should have to choose between a paycheck and taking care of a sick child at home; we've improved the quality of child care so parents can have peace of mind while they're at work. And we listened to seniors who say it's too hard to live on a fixed income, and we cut the tax on their social security. Source: 2018 Rhode Island State of the State address , Jan 16, 2018

Get most state retirees a cost of living increase

In recent years, we restructured the pension system. We cut $100 million in our health care costs, without cutting eligibility or reducing benefits. Because of that hard work, we are in a position to give back to our working people.

For the first time in five years, most state retirees will get a cost of living increase. We've also expanded the earned income tax credit each of the last two years. We reduced the income tax seniors pay on their social security income.

Source: 2017 State of the State address to Rhode Island Legislature , Jan 17, 2017

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