A change in accounting standards that will require governments to start disclosing the amount of unfunded pension and retiree benefits on yearly balance sheets could put new pressure on public officials to step up payments on these plans, according to speakers at a conference organized by Donoghue Barrett & Singal P.C. and the Rhode Island League of Cities and Towns.
Nationwide, a new report says that state public employee pension plans are underfunded by nearly $5.6 trillion. At $18.6 billion, Rhode Island’s unfunded liability is one of the smallest among the 50 states, thanks to its size and fewer employed workers.
For those thinking that the finalized reforms to the state-worker pension system took care of all its issues, think again.
The outstanding problem is the fund's assumed rate of return. At the moment it is 7.5 percent. And with the reforms, …
Accountants, actuaries, politicians and union leaders are scheduled to meet on Friday to discuss the looming Rhode Island crisis related to public pensions and other post-employment benefits at a seminar dubbed “The Gathering Storm.”
The R.I. State Retirement Commission last month decided to cut its roughly $1 billion investment into hedge funds in half, saying the asset has underperformed and cost the state too much in fees over the last five years.
The precarious …
A Superior Court judge on Friday approved a proposed $2.5 million settlement between the state and former executives of the failed video game company 38 Studios LLC, including former Boston Red Sox pitcher Curt Schilling.
The SSV Oliver Hazard Perry, named for the 19th-century Rhode Islander and U.S. Navy commodore, was always envisioned as an educational vessel for Rhode Islanders.
The nonprofit Oliver Hazard Perry Rhode Island raised $16 million in eight …