PROVIDENCE – The state pension fund reached a record $10 billion in assets for the first time in its history, according to a statement from the R.I. Office of the General Treasurer.
The historic asset value reached in April continues a trend of pension fund growth, including during the COVID-19 pandemic despite the, at times, volatile market.
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Treasurer Seth Magaziner in a statement credited the record high to his “Back to Basics” investment strategy, including a crisis protection class to shield against volatile markets.
Returns also continue to outperform state benchmarks, with a 3.29% rate of return for April, compared with a 2.94% expected return based on the 60-40 stock and bond portfolio. Since July 1, the pension system has returned 21.51%, compared with the 19.62% expected rate of return.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
