Treasurer Magaziner today, in his capacity 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 35 locally-administered pension plans in Rhode Island.
"All Rhode Islanders deserve security and predictability in retirement, especially those Rhode Islanders who have spent their lives serving the community," said Treasurer Magaziner. "These report cards continue my commitment to transparency by helping the public understand the financial condition of municipal pension systems."
Rhode Island's 35 locally-administered pension plans carry a combined unfunded liability of $2.5 billion, and 60 percent of these plans are in critical status. In contrast, only four of the 118 municipal pension plans managed by the state through the Municipal Employees' Retirement System (MERS) are in critical status.
"While some of Rhode Island's locally administered pension plans are in strong financial condition, others remain underfunded," said Treasurer Magaziner. "It is my hope that this report will be a resource to all stakeholders engaged in policy discussions on the strength and sustainability of municipal pension plans."
The Advisory Council on Locally Administrated Pension Plans is a volunteer committee tasked with overseeing the publication of this study. The council members are Auditor General Dennis Hoyle, Director of Revenue Mark Furcolo, Lincoln Town Administrator Joseph Almond, and AFL-CIO Secretary-Treasurer Maureen Martin.
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The report can be downloaded at: treasury.ri.gov/2019_LAPP_Report