Sunday, October 17, 2021


Pension Reform

LEGISLATION INTRODUCED this month in the General Assembly proposes creating a statewide water authority to centralize oversight and operations of the 490 public water-supply systems in Rhode Island. / COURTESY ­PROVIDENCE WATER SUPPLY BOARD

This plan tying water revenue to pension liabilities is all wet

The post-retirement benefit Armageddon that awaits Providence has inspired a state legislator to offer up a bill that would help the city deal with...
STATE OFFICIALS are lowering the pension funds assumed rate of return to 7 percent from 7.5 percent. / PBN FILE GRAPHIC LISA LAGRECA

Are we dealing with reality on pensions?

In June 2011, then-General Treasurer Gina M. Raimondo distributed hundreds of copies of what’s arguably become one of the most important documents of her...
ONCE MORE UNTO THE BREACH: Gov. Gina M. Raimondo's landmark 2011 state-worker pension reform needs some serious tweaking to make sure it stays on course. / PBN FILE PHOTO/ MICHAEL SALERNO

For R.I.’s economic health, it’s time for pension reform, part II

Despite the landmark state-worker pension reform legislation of 2011, which Gov. Gina M. Raimondo spearheaded while general treasurer, the system is facing yet another...
R.I. GENERAL TREASURER Seth Magaziner plans to introduce legislation that will allow municipal pension plans to more easily come under the management of the state pension system. / PBN FILE PHOTO/MICHAEL SALERNO

Magaziner to introduce legislation to entice local pension plans to join...

PROVIDENCE – In an effort to help shore up municipal balance sheets, the state’s general treasurer on Thursday announced legislation to encourage locally administered...

For relief, city must reform itself

As Providence looks to the General Assembly for more financial support, it's important to set a few ground rules. Yes, the Capital City has an...
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...

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