Are we dealing with reality on pensions?

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STATE OFFICIALS are lowering the pension funds assumed rate of return to 7 percent from 7.5 percent. / PBN FILE GRAPHIC LISA LAGRECA
STATE OFFICIALS are lowering the pension funds assumed rate of return to 7 percent from 7.5 percent. / PBN FILE GRAPHIC LISA LAGRECA
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 political career: “Truth in Numbers: The Security and Sustainability of Rhode Island’s Retirement System.” The 16-page report, used to drum up public and political support for the need to make significant…

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3 COMMENTS

  1. “Truth in numbers” is manipulation of numbers. She cooked the books. And if you believe what it says (she had it written not 3 months in office- what does that tell you….and never put in information on the high fees as she did her transfer of wealth from pensioners-retirees to her Wall St hedgefund investors) as she never fixed the pension- she lied- it is not fixed but still bleeds a million dollars a day…And she with the GA hid the decades of malfeasance..If you believe her BS, then maybe someone can sell you the Chris Christie bridge he got in trouble with!

  2. Unfortunately, Mr. Sherman excluded the negative effect of the $ 1 B that Ms. Raimondo dumped into the pension fund in 2012. At the time, then-Treas Raimondo promised that the pension was “fixed” forever and would never run out of money. Sadly, only five years later, that is not the case today. In fact, when previous Treas. Frank Caprio left office on December 31, 2010, the pension fund was at $ 7.25 B. Today,
    more than seven years later, it is at $ 7.9 B. Something is wrong with the picture and it calls for a thorough
    assessment of how the investments faired the past seven years under both Ms. Raimondo and Mr. Magaziner.
    https://d10k7k7mywg42z.cloudfront.net/assets/51fa8dd5c0d7cd5aa6020fed/Winter2012.pdf