PROVIDENCE – Rhode Island’s state pension fund grew 18 percent in 2009, adding $1 billion over the course of the year, according to the general treasurer’s office.
The total value of the pension fund was slightly less than $7 billion on Dec. 31, up from $6.1 billion at the end of the fiscal year on June 30, spokesman Tim Gray said. Investment losses and retiree payouts had shrunk the fund by 28 percent over the previous two fiscal years.
Seifert Systems Invests in Energy Efficiency to Strengthen Operations
For manufacturers, energy is more than just another operating expense. It plays a critical role…
Learn More
Excluding private equity and real estate investments, the fund’s value grew 24 percent last year, Gray added.
The pension fund, created in 1936 and overseen by a 15-member board chaired by General Treasurer Frank T. Caprio, pays the pensions of state government workers and some municipal employees, as well as public school teachers, judges and state police officers.
The fund’s 2009 performance matched that of Massachusetts’ Pension Reserves Investment Trust, which also gained 18 percent last year. Its value finished the year at $42.7 billion.
Additional information is available at ersri.org.
