A Letter from State Treasurer Seth Magaziner
We are making Rhode Island's pension system the most transparent in the nation. Now other states are following our lead.
Lack of transparency in how pension money is invested has been an issue in Rhode Island and all over the country. Without rules governing the disclosure of performance and fees, public pension systems have lacked the tools needed to remain accountable to the public we serve.
When I became Treasurer, one of the first things I did was enact the strongest transparency policies of any pension system in the country: from now on, Rhode Island will only invest in funds that allow us to publish their performance and fees.
We launched a new website where all of this information can be easily accessed and downloaded.
In July, I was proud to lead a national coalition of public pension funds with approximately $1 trillion in assets calling on the Securities and Exchange Commission to create new standards for the disclosure of private equity fees.
Recently, California, Missouri and New York City have announced they are putting policies like ours in place. Arthur Levitt, the former chairman of the SEC, said every state should do what Rhode Island has done to make pensions more transparent.
And on Tuesday, the National Association of State Treasurers unanimously voted to approve my resolution that calls for more transparency of private equity investments.
Strong standards for pension investment transparency is in the best interest of workers, retirees and taxpayers in Rhode Island and nationally. At Treasury, we will not rest in our efforts to protect our state's finances and look out for the interests of all Rhode Islanders. |
Sincerely,
Seth Magaziner |
