The Joint Finance Committee of the General Assembly holds public hearings this week on the Rhode Island pension system-reform legislation proposed by General Treasurer Gina Raimondo and Gov. Lincoln Chafee.

What’s on the line for taxpayers of Barrington?  

How about $2.5 million in additional taxes just for pensions in fiscal year 2012, according to the actuarial report of the treasurer’s office.

Pension costs will rise for sure, no matter what, according to the numbers.

But the cost will go up an additional $2.5 million in fiscal year 2012 if no changes are made to the pension system – for a total of $2.971 million in increased cost for Barrington taxpayers.

The increased cost for pension contributions will go up $454,000 under the proposed pension-reform plan.

To put that another way, property owners face an increase of $1.09 per thousand dollars of assessed value if things stay the same, according to Barrington Finance Director and Tax Collector Dean Huff.

If the reform plan is approved by the legislature, real estate taxes will rise only 16-17 cents per thousand dollars of assessed value, Huff said.

For the owners of a $300,000 home in Barrington, that calculates to either $309 or $48 in additional taxes next year just for increased pension contributions for municipal employees and teachers.

Barrington’s three legislators, Sen. David Bates and Reps. Joy Hearn and Jan Malik, will play a major role in the pension-reform hearings. All three serve on the Joint Finance Committee.

Public hearings are scheduled for Wednesday, Oct. 26, and Thursday, Oct. 27, and next week on Tuesday, Nov. 1. Each hearing starts at 11 am.