General Treasurer Seth Magaziner announced today that Rhode Island's Pension System has been recognized for its commitment to transparency by the Government Finance Officers Association of the United States and Canada (GFOA). This is the fourth year in a row that Rhode Island's Pension System has won the GFOA Certificate of Achievement.
"My administration has prioritized making Rhode Island the most transparent state treasury in the country and I'm pleased that GFOA has recognized our commitment to transparency for the fourth year in a row," said General Treasurer Seth Magaziner. "All Rhode Islanders can get the information they need about our Pension System anytime through our accessible Transparent Treasury initiative including information about how the Fund is invested, returns, and much more."
Treasurer Magaziner has prioritized transparency of the Pension System since day one. He implemented a "Transparent Treasury" initiative that requires pension investment managers to publicly report fees and performance just months after he took office in 2015. The policy became required after legislation was passed by the Rhode Island General Assembly at the request of Treasurer Magaziner.
Under Treasurer Magaziner's leadership, Rhode Island became the first state in the country to require that new investments be placed only with fund managers who publicly disclose performance, fees, expenses, and liquidity.
The GFOA Certificate of Achievement is the highest form of recognition in governmental accounting and financial regulation and recognizes the Pension Fund's commitment to a "spirit of full disclosure," for all Rhode Islanders.
The Government Finance Officers Association of the United States and Canada (GFOA) advances excellence in government finance by providing best practices, professional development, resources, and practical research for more than 21,000 members and the communities they serve.