Four groups -- Common Cause of Rhode Island, the Rhode Island Press Association, and the state chapters of the ACLU and the League of Women Voters -- say state Treasurer Gina Raimondo needs to offer more disclosure about the state pension fund's investment in hedge funds.
Superior Court Judge Sarah Taft-Carter is scheduled to get the next update in the case on September 5, according to court spokesman Craig Berke. The hearing will take place in Kent County, since Taft-Carter is being assigned there this fall.
Rhode Island’s pension fund earned a return on its investment of a little more than 11 percent for the fiscal year that ended June 30th. But state Treasurer Gina Raimondo is sounding a warning about the future of the state’s pension plan.
The 11.1 percent earned by the state pension fund is a big improvement over the 1.4 percent return a year earlier. Still, Rhode Island fared a bit worse than the 12.5 percent earned by the country’s largest public employee pension system, CALPERS, over the same period.
In politics, as in pensions, assets can turn into liabilities. RIPR political analyst Scott MacKay wonders if an advocacy group for pension overhaul that doesn’t need to disclose its members has become state Treasurer Gina Raimondo’s Achilles heel.
Cranston Mayor Allan Fung announced an agreement Monday to improve the condition of one of the worst funded municipal pensions in the state.
Fung says the deal will save Cranston $6.5 million in pension costs over the next fiscal year while solving a lingering problem.
“This issue has been an albatross over the city for decades, close to half a century, and this agreement shows the progress that can be made when all parties come together in a spirit of cooperation,” said Fung.
About a hundred firefighters protested Monday morning outside a conference focused on distressed municipalities, where state treasurer Gina Raimondo was the keynote speaker. Inside, Raimondo applauded the cooperation it took from organized labor to make the state pension overhaul possible.