Rhode Island pension system changes
By: News Staff
news@abc6.com
Providence, R.I. — A major change to Rhode Island’s pension system holdings as State Treasurer Seth Magaziner plans to scale back the state’s investments in hedge funds by more than 500 million dollars.
Magaziner says he wants to reallocate those funds to more traditional and less expensive investments.
The plan would reverse some of the strategies created by current Governor Gina Raimondo when she was treasurer.
Magaziner says the pension system is performing positively, but can do better.
“We are going to maintain a very diversified portfolio that invests in assets that will give us growth over time, but also will protect us in the bad times.”
The system earned about 334 million dollars in investment gains and contributions this year, but lost 256 million in pension benefit payments.
©WLNE-TV / ABC6
