Treasurer Magaziner today, in his role as Chair of the Advisory Council for Locally Administered Pension Plans, released a report which details key information on the status and trends of each of the 34 locally-administered pension plans in Rhode Island.
For the first time, this year's report includes individual "report cards" on the health and outlook of each plan.
"The condition of municipal pension plans is of great importance to the public employees who rely on pensions for retirement security, and to the taxpayers who fund pension systems." said Treasurer Magaziner. "These report cards offer a new level of transparency to the public about the financial condition of municipal pension systems."
Rhode Island's 34 locally administered pension plans carry a combined unfunded liability of over $2.4 billion, and over a third of plans are in critical-funded status.
"The report cards clearly show that many municipal pension plans face significant challenges," Magaziner said. "Our office stands ready to work with Rhode Island municipalities and stakeholder groups to develop solutions for local pension challenges."
The Advisory Council for Locally Administered Pension Plans was created by the General Assembly in 2017. In addition to Treasurer Magaziner, Council members include Auditor General Dennis Hoyle, Director of Revenue Mark Furcolo, Lincoln Town Administrator Joseph Almond, and AFL-CIO Secretary-Treasurer Maureen Martin.
The report can be downloaded at: www.treasury.ri.gov/2018_LAPP_Report
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Contact:
Evan England, Director of Communications (401) 222-2240 | (401) 439-2199 (mobile) evan.england@treasury.ri.gov