Brother, Can You Spare A Future?

A Rhode Island City Turns to Pensioners to Avoid Bankruptcy

The city’s 141 retired firefighters and police officers were asked at a meeting Tuesday night to voluntarily give up as much as half of their pensions. It’s called the “big ask,” and with the library and community center already shut down, the city is running out of options to fix its dire financial prospects.

Boldfaced emphasis added by me.

And:

Under the proposed pension plan, anyone who retired at age 55 after 30 years on the job would see their pension cut in half from about $40,000 to about $20,000 a year.

Boldfaced emphasis added by me.

And:

Making matters worse, workers here didn’t participate in Social Security, so there are no other benefits to fall back on.

Boldfaced emphasis added by me.

Coming up in your future: Senior Crime.

They will turn to it just to have a roof over their heads, regular meals, and medical care.

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Filed under Collapse, Pottersville

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