Panel studies state pension changes

PROVIDENCE -- A commission studying the state pension system is looking into stricter rules for retirement benefits.

The commission has come up with several possible scenarios, including one that would require workers and teachers to wait until they reach Social Security retirement age to begin collecting their pensions.

The panel also has asked the state's pension-financing consultant to look into scaling back retirement packages to all but the most senior state workers and teachers.

Currently, for all but the newest hires, state workers and teachers can retire at any age after 28 years of work and immediately start collecting a pension.

The pension commission was formed last winter. It is chaired by state Rep. Timothy Williamson, a West Warwick Democrat.

Rhode Island General Treasurer Frank Caprio said last week that the state-run pension fund had lost $1 billion since the start of the year.