Updated December 4 at 12:26pm
Pension Reform
10 results total, viewing 1 - 10
Fitch Ratings has upgraded the city’s outstanding General Obligation bonds to A- from BBB-, and its Issuer Default Rating to BBB from BBB-. more
Mayor Jorge O. Elorza on Monday announced a year-end operating surplus of $9.5 million, which will be used to pay down the city’s multimillion dollar structural deficit. more
Rhode Island’s $7.7 billion pension fund terminated investments in seven hedge funds, including Brevan Howard Asset Management and Och-Ziff Capital Management Group LLC, after voting last month to cut its allocation in half over two years. more
A change in accounting standards that will require governments to start disclosing the amount of unfunded pension and retiree benefits on yearly balance sheets could put new pressure on public officials to step up payments on these plans, according to speakers at a conference organized by Donoghue Barrett & Singal P.C. and the Rhode Island League of Cities and Towns. more
Nationwide, a new report says that state public employee pension plans are underfunded by nearly $5.6 trillion. At $18.6 billion, Rhode Island’s unfunded liability is one of the smallest among the 50 states, thanks to its size and fewer employed workers. more
Accountants, actuaries, politicians and union leaders are scheduled to meet on Friday to discuss the looming Rhode Island crisis related to public pensions and other post-employment benefits at a seminar dubbed “The Gathering Storm.” more
Following a Friday R.I. Superior Court ruling in favor of Cranston Mayor Allan W. Fung’s decision to freeze yearly benefit increases, the plaintiffs, a group of retired Cranston police and firefighters, announced plans to appeal the decision to the R.I. Supreme Court. more
Pending Gov. Gina M. Raimondo’s signature, Rhode Island will establish a new advisory council to oversee local pension plans, which together are underfunded by more than $2 billion. more
R.I. Taxpayers is no longer. The association, which said it advocated for “honest, effective and fiscally sound government on behalf of individual and business taxpayers” and published a newsletter called Taxpayer Times five days a week, stopped operations on Thursday. more
(Updated, 4:48 p.m.) Pointing to the currency crisis in Europe and China’s economic slowdown, Rhode Island’s general treasurer says volatility in the financial markets contributed to the 0.28 percent loss on the state’s pension investments last year. more