Rhode Island Pension Fund closes year with a record $10.3B
PROVIDENCE, R.I. (AP) — The Rhode Island Pension Fund closed the latest fiscal year with a record $10.3 billion in assets, General Treasurer Seth Magaziner said Wednesday.
The fund for retired public employees gained a record $2.2 billion gain during the fiscal year that ended June 30, he said in a statement, crediting the agency’s “back-to-basics” investment strategy.
“As General Treasurer, my top priority is delivering economic growth and financial security for all Rhode Islanders,” Magaziner said. “Back-to-basics works — this year the pension system has reached an all-time high, we have achieved our highest annual return in 25 years, and retirees in the system are also receiving a much needed cost of living adjustment.”
During the fiscal year, the fund outperformed benchmarks, and the average annual investment return for the pension system over the past five years has risen to almost 11%, also beating benchmarks.