Figure A

Value of defined benefit pensions provided by the Employees' Retirement System of Rhode Island before and after four rounds of cuts since 2005 (2005=100)

Before cuts After 2005–2010 cuts After RIRSA, with COLA After RIRSA, suspended COLA
10 years of service at age 62 100 78                       44                       39
20 years of service at age 62 100 73                       39                       35
30 years of service at age 62 100 77                       33                       30
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Note: Defined contribution benefit not shown.

Source: Author’s analysis of ERSRI actuarial valuations (GRS 2006, 2011c, 2012) and Bell and Miller (2005)

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