Chris BergenheimMay 7, 2018 11:02 am
Providence Business News
PROVIDENCE – General Treasurer Seth Magaziner released the report of the Advisory Council for locally administered pension plans last week, and included a new feature, a “report card” for each pension plan, both open and closed, in the state.
The annual report on pension plans began in 2016, when the General Assembly formed the advisory council for pension plans.
This year’s report reviewed the 34 local plans, 20 open plans and 14 closed plans. The plans had a combined $2.4 billion in unfunded liabilities. One-third of the plans in the state were less than 60 percent funded, which the report has deemed in “critical status.”
Thirteen pensions have seen their funding status decrease across the four years ending in fiscal 2016. Seventeen pensions have seen their funding status improve in that time. The report also noted that 12 plans have assumed rates of return at or below 7 percent, which it says indicates that the plans are less likely to face future unexpected shortfalls.