City To Firefighter and Police Retirees: Give Up 50% Of Your Pension Or Risk Losing It All
The city of Central Falls, Rhode Island says they are so broke they had to give their retirees a dreaded ultimatum — give up 50% of your pension or risk losing it all.
As the size of government across the nation continues to spiral out of control countries and states across the nation are finding it increasingly difficult to pay their builds Central Falls, Rhode Island has been forced into giving their retirees a dreaded ultimatum
According to a CNN report, Judge Robert Flanders who appointed by the state to work out a solution to keep the the city from going bankrupt said the choice is limited to the pensioners to either volunteer to a 50% pension cut or risk losing it all in bankruptcy court.
The ultimatum has been given as part of an overall restructuring plan for the city in which broad sweeping sacrifices and deep budget cuts are being made across the board in order to close the gap on the city’s $80 million dollar budget shortfall.
The Fox news video report attached on this page gives more details on the crisis in Flanders, Rhode Island.