R.I. pension plan named ‘Small Public Plan of the Year’
RHODE ISLAND TREASURER Gina M. Raimondo announced Friday that the Employees' Retirement System of Rhode Island has been named Small Public Plan of the Year by Institutional Investor magazine.
BLOOMBERG FILE PHOTO/SCOTT EELLS
By Meg Sullivan PBN Staff Writer
PROVIDENCE - Institutional Investor magazine has recognized Employees’ Retirement System of Rhode Island as Small Public Plan of the Year, General Treasurer Gina M. Raimondo announced Friday.
The award recognizes public pension plans that total in less than $15 billion. The Retirement System of Rhode Island manages a $7.7 billion pension investment portfolio and beat out small public pension plans across the country.
“The top priority of the State Investment Commission is retirement security,” Raimondo, chair of the Commission, said in a statement. “Knowing we need to pay pension checks every month, building a properly diversified portfolio is vital to reduce the overall risk and achieve strong, long-term returns.”
The one year return for the pension fund was 16.52 percent and the three year return was 10.64 percent, as of May 2013. The SIC has an ongoing plan to reduce risk in the portfolio by diversification.
“Given the important role alternative investments play in the pension portfolio to reduce risk and generate strong performance for our members, we must continue to push for transparency to build public trust,” Raimondo said.
The award was decided by the votes of various financial institutions including institutional investors, pensions funds, endowments and foundations. The award for large public pension fund went to the New York City Pension System.