Administration July 10, 2013

SEC Closes Investigation of RI Pension Disclosures

July 10, 2013 (PLANSPONSOR.com) - The Securities and Exchange Commission (SEC) has completed its investigation of Rhode Island’s pension financial disclosures and will not pursue any enforcement action.
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The SEC investigation of the financial statements and disclosures about the $7.7 billion Employees’ Retirement System of Rhode Island began in early 2011 and examined disclosure in bond offering documents related to pension finances from 2007 to the beginning of Rhode Island General Treasurer Gina Raimondo’s term, in 2011 (see “SEC Looking into RI Bond Transactions”).

“Our pension practices are transparent, our disclosure is accurate, and our pension system is on a firm foundation,” Raimondo said. “Any cloud that lingered over our pension disclosure is gone. Our public employees and retirees should have greater peace of mind today.”

Rhode Island fully cooperated with the SEC investigation. At the same time, Raimondo introduced new measures to strengthen pension disclosures and identify and implement best practices to ensure the public’s trust.

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