RI pension fund earned 11% last year as market reboundsJuly 24th, 2013 at 11:20 am by Ted Nesi under Nesi's Notes
By Ted Nesi
PROVIDENCE, R.I. (WPRI) – Rhode Island’s state pension fund earned 11.1% in the 2012-13 fiscal year, a big improvement over its 1.4% rise the prior year as a worldwide market rebound boosted returns, Treasurer Gina Raimondo’s office announced Wednesday. The fund’s assets totaled $7.55 billion as of June 30.
The 11.1% return came in below the 11.3% return of the fund’s benchmark over the same period. It was also less than the Massachusetts fund’s 12.7% return or CalPERS’ 12.5% increase. Meanwhile, a status conference on progress in mediating the union lawsuit challenging the state’s 2011 pension law is set for Aug. 6.
• Related: Chart: How Raimondo has changed RI’s pension investments (April 4)