R.I. pension system cleared by the SEC

The Securities and Exchange Commission will not take any action following its investigation of the Rhode Island pension system’s disclosures and statements, General Treasurer Gina M. Raimondo announced Tuesday. More

To continue reading this article, please do one of the following.



pension reform

R.I. pension system cleared by the SEC

BLOOMBERG FILE PHOTO/SCOTT EELLS
GENERAL TREASURER GINA M. RAIMONDO announced Tuesday that the Securities and Exchange Commission will not take any action follow its investigation into the disclosures and statements of state's pension system.
Posted 7/9/13

PROVIDENCE – The Securities and Exchange Commission will not take any action following its investigation of the Rhode Island pension system’s disclosures and statements, General Treasurer Gina M. Raimondo announced Tuesday.

“Our pension practices are transparent, our disclosure is accurate, and our pension system is on a firm foundation,” Raimondo said in a statement. “Any cloud that lingered over our pension disclosure is gone. Our public employees and retirees should have greater peace of mind today.”

The investigation began in early 2011 and examined the Employees’ Retirement System of Rhode Island’s pension finance disclosures and statements from 2007 till 2011, when Raimondo’s term began. During the course of the investigation the state enacted various pension reform measures.

Addressing the decision not to initiate enforcement action, Paul Mac, a partner at Bracewell & Giuliani said, “The SEC, as a matter of policy, will not explain its reasoning. From my perspective, several factors may have been influential. Treasurer Raimondo’s Truth in Numbers initiative, combined with adding an overall robust commitment to state of the art financial disclosure, training, and best practices to existing good disclosure, plus decisive legislative action on pension reform, all likely influenced the SEC’s decision to end its investigation of the State.”

Calendar
PBN Hosted
Events

Join PBN and two panels of successful female executives, business owners and entrepreneurs as we delve into what women should do to advance their careers, and become leaders in the corporate world and their own enterprises.
  • Book of Lists Party
    Save the date - January 15, 2015 for PBN's Book of Lists Party at the Providence ...
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News
    Advertisement