PROVIDENCE, R.I. – General Treasurer Gina M. Raimondo today announced a second workshop for municipalities as they begin to develop a process for achieving retirement security for their locally-administered plans. The workshop will be held tomorrow, Tuesday, April 10 at the Community College of Rhode Island in Warwick.
The Rhode Island Retirement Security Act required municipalities to submit to the local plan study commission an actuarial experience study and actuarial valuations with current investment, mortality and other actuarial assumptions by April 1, 2012. This workshop will guide cities and towns on next steps.
"While as Treasurer I have no authority over these local pension plans, I am committed to helping municipal leaders develop their own comprehensive solutions by sharing Treasury's expertise and resources," said Raimondo. "This second technical working session will help cities and towns set goals and parameters around the challenging work of achieving retirement security."
Since the Treasurer's first workshop in January, her office has served as a resource for cities and towns on an individual basis. On March 27, leaders from the cities of Woonsocket, Warwick, Coventry, Smithfield and East Greenwich met to discuss the status of their plans. Treasury is also an advisory member of the Pawtucket Pension Commission.
Workshop topics include:
- Review the pension design components of the Rhode Island Retirement Security Act
- How to set pension re-design goals, principles and parameters to achieve retirement security
- How to assess options and develop plan alternatives - Update on pension commission work
Collectively, the 36 locally-administered plans have a reported unfunded liability of approximately $2.1 billion, and a funding level of only 40 percent. Unlike the state-administered system, which is governed by statute, many of these local plans are set by collectively-bargained contracts. The local plans each have unique situations, varying widely in their design, funding status and membership.
Seating is limited, with priority given to local plan fiduciaries.
Tuesday, April 10, 2012 8:30 a.m. – 11:45 a.m.
Community College of Rhode Island – Knight Campus, Room 4090 - 400 East Avenue, Warwick, RI 02886