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Thursday, April 2, 2015

Pension settlement shocker: money stops at age 90

Sorry Grandma 

State officials were celebrating a potential pension settlement deal, but not everyone is happy with the final results. Hidden in the settlement is a clause that "stops all payments" once a person reaches the age of 90 years old. When confronted with the new clause, a person close to the settlement said," we had to cut it somewhere and 90 years old seemed like a fair age." Officials recommended those in their late eighties, who plan to live longer, should prepare by buying clothes, shoes, magazines, medicine and anything else they may need until they die. " A top  official said," the state is not stopping anyone from living over the age of 90, they can live to 150 years old for all we care, but we are just not going to be paying for it."An aid to Governor Raimondo did not think  the Governor was made aware of the new provision  but felt it was an opportunity for families to remain "close to Grandma" since seniors would have no source of income once they hit that milestone. Many seniors were irate at the new provision , designed to leave the state more revenue. " I am 92, in good health, and my only daughter lives in Ohio," said Arlene Reilly of Warwick. " I enjoy my home, still drive, and I depend on my pension. I feel they are pushing me into my grave."State officials said the saved revenue could be put in hedge funds for future state investments. " These people need to realize they are not going to live forever, and the senior gravy train is coming to a halt," said a pension officer.