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Providence, US
Thursday, May 24, 2018

Pension Reform

GENERAL TREASURER Seth Magaziner said the pension system outperformed the state's benchmarks in 2016 and earned more than $500 million for the pension system. / PBN FILE PHOTO/ MICHAEL SALERNO

State pension fund sees greatest return in three years in 2016

PROVIDENCE – The state’s $7.7 billion pension fund realized a 7.4 percent – or $530 million – gain on investment during 2016, marking the...
THE PENSION plan in Providence continues to weaken, as its unfunded liability continues to grow while the plan’s funded ratio steady falls, according to data from the Providence Fiscal 2016 Audit, R.I. Division of Municipal Finance and PBN research. / PBN GRAPHIC/ELI SHERMAN

Long-term obligations drag on Providence finances, despite surplus

PROVIDENCE – Despite ending fiscal 2016 with a $10.3 million budgetary surplus, long-term obligations continue to paint a dreary financial picture in Providence.The city’s...

The 401(k) problem we refuse to solve

Was the 401(k) a tragic mistake?When you use one of those online calculators to estimate your expected income in retirement, it can sure seem...

Hedge fund agonistes: Not even Donald Trump can ease the pain

NEW YORK - Drinks flowed as hedge fund titan Robert Mercer, dressed as Mandrake the Magician, partied with Donald Trump, dressed as, well, Donald...

Facebook investors criticize Andreessen for conflict of interest

Earlier this year, Facebook Inc.'s Mark Zuckerberg came to his shareholders with a big question: would they approve him maintaining voting control of the...

R.I. message gaining U.S. traction

Gov. Gina M. Raimondo says that when out-of-state business leaders see her coming, they know what's about to happen. She's going to sell Rhode...
PROVIDENCE MAYOR Jorge O. Elorza said he is excited that Fitch Ratings "has recognized our efforts and has upgraded our credit rating." / PBN FILE PHOTO/MICHAEL SALERNO

Fitch upgrades Providence bonds

PROVIDENCE – Fitch Ratings has upgraded the city’s outstanding General Obligation bonds to A- from BBB-, and its Issuer Default Rating to BBB from...
MAYOR JORGE O. Elorza on Monday announced a year-end operating surplus of $5.14 million, which will be used to pay down the city’s multimillion dollar structural deficit.  / PBN FILE PHOTO/STEPHANIE ALVAREZ EWENS

Providence mayor announces $9.5M surplus

PROVIDENCE – Mayor Jorge O. Elorza on Monday announced a year-end operating surplus of $9.5 million, which will be used to pay down the...
R.I. Treasurer Seth Magaziner said in a news release that investments in seven hedge funds have been terminated. / PBN FILE PHOTO/ MICHAEL SALERNO

Rhode Island pension terminates Och-Ziff and Brevan Howard funds

PROVIDENCE - 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...
A SEMINAR HOSTED by a law firm and the R.I. League of Cities and Towns addressed the issue of unfunded pension and OPEB liabilities. / PBN FILE PHOTOS AND ILLUSTRATION

Moderator at forum about unfunded pension and OPEB liabilities: ‘One of...

PROVIDENCE – A change in accounting standards that will require governments to start disclosing the amount of unfunded pension and retiree benefits on yearly...
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