General Treasurer Seth Magaziner today released Rhode Island Treasury's 2016 Annual Report, which contains highlights from the past year, including more than $500 million in investment gains, the Treasurer's new 'Back to Basics' investment strategy, turnaround of the state's CollegeBound program, and a roundup of progress made in programs throughout Treasury.
"2016 was a productive and successful year for our team at Rhode Island Treasury," said Treasurer Magaziner. "We announced significant changes to our pension investment strategy, completed a successful turnaround of the state's CollegeBound program, launched a new program to help disabled Rhode Islanders become more financially secure, and began implementation of a new debt reform initiative that will help Rhode Island save money."
In fiscal year 2016, the pension fund earned $536 million from investments, the most since 2014. Treasurer Magaziner also began implementing his 'Back to Basics' investment strategy, which will see the state exit most hedge funds in 2017, in favor of more traditional strategies for growth and stability.
Other highlights in the report include the Treasurer's turnaround of the state's CollegeBound program –which is now regarded as one of the best 529 college savings plans in the country– as well as the launch of "Rhode Island's ABLE", a program allowing Rhode Islanders with disabilities save for disability-related expenses.
$12 million of unclaimed property was returned to nearly 9,000 people during the year, and $17.2 million in low cost financing was provided to municipal energy-efficiency projects across the Ocean State through the Treasurer's green banking initiative.
The report can be downloaded at www.treasury.ri.gov/annualreport
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