R.I. pension fund ends FY 21 64% funded

PROVIDENCE – Rhode Island’s pension fund ended fiscal year 2021 with record funding levels and a historic decline in its unfunded liability, General Treasurer Seth Magaziner announced in a news release.

The 63.9% funding status – representing total assets minus obligations – was the highest level since 2008 and up from 60.5% the prior year, the release stated. The unfunded liability decreased by $408.6 million, the largest decline in a single year ever.

During the fiscal year that ended June 30, the pension system earned a 25.6% investment return, ending with a record high of $10.3 billion in assets.

The state pension system includes 117 municipal plans, 37 of which are fully funded, up from 30 in fiscal 2020. Eighty-one plans were at least 80% funded, up from 76 the year prior.

- Advertisement -

Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.

1 COMMENT

  1. How does this compare to the Pension Plans of other States? Two years ago the average State Pension was 73%. Since a rising tide (aka the record stock market that we’ve all been enjoying the last few years) floats all boats, the average State Pension Plan is probably 84% funded now which still leaves RI 64% funded Pension Plan well below average. Nice job, Seth, not.