PROVIDENCE – General Treasurer Seth Magaziner released the report of the Advisory Council for locally administered pension plans last week, and included a new feature, a “report card” for each pension plan, both open and closed, in the state.
The annual report on pension plans began in 2016, when the General Assembly formed the advisory council for pension plans.
This year’s report reviewed the 34 local plans, 20 open plans and 14 closed plans. The plans had a combined $2.4 billion in unfunded liabilities. One-third of the plans in the state were less than 60 percent funded, which the report has deemed in “critical status.”
Thirteen pensions have seen their funding status decrease across the four years ending in fiscal 2016. Seventeen pensions have seen their funding status improve in that time. The report also noted that 12 plans have assumed rates of return at or below 7 percent, which it says indicates that the plans are less likely to face future unexpected shortfalls.
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Open plans:
- Central Falls:
Asset market value of $7.9 million
Funding status: 24.2 percent
Four-year funding status change: 5.6 percentage points
Participants: 80 actives, 66 retirees, 56 disabled
Status: Critical - Coventry – Police:
Asset market value of $11.4 million
Funding status: 16.1 percent
Four-year funding status change: 4.8 percentage points
Participants: 56 actives, 65 retirees, 7 terminated vested and/or inactive lives, 16 beneficiaries
Status: Critical - Coventry – School Plan:
Asset market value of $11.2 million
Funding status: 38 percent
Four-year funding status change: This plan is “relatively new.” Data not available.
Participants: 205 actives, 131 retirees, 25 terminated vested and/or inactive lives, 21 beneficiaries
Status: Critical - Cumberland – Police:
Asset market value of $14 million
Funding status: 43.6 percent
Four-year funding status change: Data not available
Participants: 49 actives, 69 retirees, 1 terminated vested and/or inactive lives
Status: Critical - East Providence – Police & Fire
Asset market value of $115.8 million
Funding status: 54.8 percent
Four-year funding status change: 21.2 percentage points
Participants: 2015 actives, 161 retirees, 45 disabled, 40 beneficiaries
Status: Critical - Jamestown – Police
Asset market value of $9.9 million
Funding status: 101.2 percent
Four-year funding status change: -8.4 percentage points
Participants: 12 actives, 13 retirees, 2 terminated vested and/or inactive lives
Status: Non-Critical - Lincoln
Asset market value of $23.5 million
Funding status: 62.6 percent
Four-year funding status change: -13.2 percentage points
Participants: 114 actives, 98 retirees, 22 terminated vested and/or inactive lives
Status: Non-Critical - Little Compton:
Asset market value of $9.1 million
Funding status: 78.1 percent
Four-year funding status change: -8.6 percentage points
Participants: 45 actives, 33 retirees, 11 terminated vested and/or inactive lives
Status: Non-Critical - Narragansett Town Plan
Asset market value of $74.2 million
Funding status: 62 percent
Four-year funding status change: -1.3 percentage points
Participants: 253 actives, 193 retirees, 18 terminated vested and/or inactive lives
Status: Non-Critical - Newport – Fire
Asset market value of $46.8 million
Funding status: 49.2 percent
Four-year funding status change: 9.6 percentage points
Participants: 95 actives, 116 retirees, 7 disabled, 1 terminated
Status: Critical - North Providence
Asset market value of $36.7 million
Funding status: 90.1 percent
Four-year funding status change: 44.8 percentage points
Participants: 61 actives, 11 retirees, 6 terminated vested and/or inactive lives
Status: Non-Critical - Pawtucket – Police and Fire
Asset market value of $103.5 million
Funding status: 42.2 percent
Four-year funding status change: 8.6 percentage points
Participants: 262 actives, 368 retirees, 44 disabled
Status: Critical - Providence
Asset market value of $333.3 million
Funding status: 26.2 percent
Four-year funding status change: -5.7 percentage points
Participants: 2,889 actives, 2,153 retirees, 484 disabled, 473 terminated vested and/or inactive lives, 548 beneficiaries
Status: Critical - Tiverton – Police
Asset market value of $9.6 million
Funding status: 62.6 percent
Four-year funding status change: 12.9 percentage points
Participants: 29 actives, 26 retirees
Status: Non-Critical - Warwick – City Employees
Asset market value of $112.5 million
Funding status: 72.2 percent
Four-year funding status change: data not available
Participants: 369 actives, 368 retirees, 28 terminated vested and/or inactive lives
Status: Non-Critical - Warwick – Fire Pension II
Asset market value of $52.6 million
Funding status: 86.4 percent
Four-year funding status change: 8.4 percentage points
Participants: 178 actives, 10 retirees
Status: Non-Critical - Warwick – Police Pension II
Asset market value of $173.4 million
Funding status: 82.3 percent
Four-year funding status change: -4.2 percentage points
Participants: 161 actives, 174 retirees, 4 terminated vested and/or inactive lives
Status: Non-Critical - Warwick – Warwick Public School Employees
Asset market value of $42.6 million
Funding status: 105.8 percent
Four-year funding status change: data not available
Participants: 350 actives, 103 retirees, 28 disabled, terminated vested and/or inactive lives
Status: Non-Critical - Westerly – Police Pension
Asset market value of $29.3 million
Funding status: 69.4 percent
Four-year funding status change: 0.6 percentage points
Participants: 49 actives, 46 retirees, 1 terminated vested and/or inactive lives
Status: Non-Critical - West Warwick – Town Plan
Asset market value of $28.7 million
Funding status: 20.1 percent
Four-year funding status change: -3.6 percentage points
Participants: 304 actives, 346 retirees, 34 terminated vested and/or inactive lives
Status: Non-Critical
Closed Plans:
- Bristol – Police
Asset market value of $14.7 million
Funding status: 55.7 percent
Four-year funding status change: -1.2 percentage points
Participants: 2 actives, 43 retirees
Status: Critical - Coventry – Municipal
Asset market value of $8.2 million
Funding status: 38.8 percent
Four-year funding status change: 10.9 percentage points
Participants: 95 actives, 74 retirees, 37 terminated vested and/or inactive lives
Status: Critical - Cranston – Municipal
Asset market value of $62.7 million
Funding status: 24.4 percent
Four-year funding status change: 6.6 percentage points
Participants: 27 actives, 422 retirees
Status: Critical - Johnston – Fire
Asset market value of $21.3 million
Funding status: 24.3 percent
Four-year funding status change: -9.4 percentage points
Participants: 21 actives, 92 retirees
Status: Critical - Johnston – Police
Asset market value of $15.5 million
Funding status: 18.6 percent
Four-year funding status change: -10.9 percentage points
Participants: 55 actives, 97 retirees
Status: Critical - Middletown
Asset market value of $52.7 million
Funding status: 95.5 percent
Four-year funding status change: 19.3 percentage points
Participants: 55 actives, 97 retirees
Status: Non-Critical - Narragansett – Police
Asset market value of $820,641
Funding status: 33.5 percent
Four-year funding status change: data not available
Participants: 0 actives, 17 retirees
Status: Critical - Newport – Police
Asset market value of $58.6 million
Funding status: 64.3 percent
Four-year funding status change: 7.2 percentage points
Participants: 71 actives, 135 retirees
Status: Non-Critical - Portsmouth
Asset market value of $46.9 million
Funding status: 55.5 percent
Four-year funding status change: -6 percentage points
Participants: 153 actives, 161 retirees, 7 terminated vested and/or inactive lives
Status: Critical - Scituate – Police
Asset market value of $4.8 million
Funding status: 34.2 percent
Four-year funding status change: 6.7 percentage points
Participants: 15 actives, 18 retirees, 3 disabled
Status: Critical - Smithfield – Fire
Asset market value of $20.3 million
Funding status: 68.8 percent
Four-year funding status change: -2.7 percentage points
Participants: 43 actives, 31 retirees, 5 disabled, 3 terminated vested and/or inactive lives
Status: Non-Critical - Smithfield – Police
Asset market value of $7.8 million
Funding status: 29.3 percent
Four-year funding status change: 9.2 percentage points
Participants: 0 actives, 41 retirees, 5 disabled
Status: Critical - Warwick – Police & Fire I
Asset market value of $66 million
Funding status: 24 percent
Four-year funding status change: 1.7 percentage points
Participants: 31 actives, 404 retirees
Status: Critical - Woonsocket Police and Fire
Asset market value of $38.6 million
Funding status: 49.1 percent
Four-year funding status change: -11.6 percentage points
Participants: 0 actives, 181 retirees, 50 disabled
Status: Critical
Chris Bergenheim is the PBN web editor.
