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Magaziner Offers Nominations for State Investment Commission, State Retirement Board

Tuesday, June 16, 2015

 

Rhode Island General Treasurer Seth Magaziner recently announced that he will nominate three people to the Rhode Island State Investment Commission (SIC) and one individual to the Rhode Island State Retirement Board.

Nominees 

Robert Benson, who is the Senior Vice President & Chief Investment Officer at Amica Mutual Insurance Company and former President of the Providence Society of Financial Analysts will be up for the SIC. Marie Langlois, C.F.A., who is the retired Managing Director of Washington Trust Investors, will also be nominated. Marcia Reback, retired President of the Providence Teachers Union and current SIC member, will be the last individual up for the SIC. 

Marianne Monte, Vice President of Human Resources at Hanover Insurance Group and member of the Gay & Lesbian Advocates and Defenders (GLAD) Board of Directors, is the lone nomination for the Retirement Board. 

"The State Investment Commission and State Retirement Board each play a vital role in ensuring the sustainability of the state's retirement system and promoting economic growth and financial security for all Rhode Islanders," said Magaziner. "I am pleased to announce the nomination of several industry leaders whose wisdom, expertise and reputation will further establish Rhode Island Treasury as a national standard for accountability, transparency and responsible management."

What do these agencies do?

The SIC is a 10-member volunteer body led by Magaziner that meets monthly to handle the investments of the Employees' Retirement System of Rhode Island and oversees non-pension related investments, such as the General Fund.

The Retirement Board is a 15-member volunteer body led by Magaziner that meets monthly to oversee the Employees' Retirement System of Rhode Island and votes on investment rate of return assumptions, approves disability pensions and makes decisions that affect Rhode Island's retirees.

 

Related Slideshow: The 15 Costliest Government Programs in RI

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#15 Non-Highway Transport

Category: Transportation

Cost Per $1,000 of Income: $4.87

National Rank: 4

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#14 Community Development

Category: Environment and Housing

Cost Per $1,000 of Income: $4.97

National Rank: 12

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#13 Sewage & Solid Waste

Category: Environment and Housing

Cost Per $1,000 of Income: $5.09

National Rank: 36

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#12 Health & Hospitals

Category: Social Services

Cost Per $1,000 of Income: $5.40

National Rank: 49

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#11 Other Ed. & Libraries

Category: Education

Cost Per $1,000 of Income: $6.00

National Rank: 12

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#10 Fire

Category: Public Safety

Cost Per $1,000 of Income: $6.50

National Rank: 2

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#9 Highways

Category: Transportation

Cost Per $1,000 of Income: $7.66

National Rank: 48

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#8 Police

Category: Public Safety

Cost Per $1,000 of Income: $7.87

National Rank: 13

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#7 Utilities

Category: Utilities and Liquor Stores

Cost Per $1,000 of Income: $9.25

National Rank: 40

Note: Utilities are not considered to be "direct general expenditures." Instead utilities are categorized as "other direct expenditures." The category is a U.S. Census Bureau term. Unlike some states, Rhode Island does not have state-run liquor stores.

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#6 Gov't. Administration

Category: Administration and Debt Interest

Cost Per $1,000 of Income: $11.05

National Rank: 16

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#5 Interest on Debt

Category: Administration and Debt Interest

Cost Per $1,000 of Income: $12.13

National Rank: 3

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#4 Higher Education

Category: Education

Cost Per $1,000 of Income: $13.59

National Rank: 45

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#3 Pensions and Other

Category: Insurance Trust

Cost Per $1,000 of Income: $39.62

National Rank: 4

Note: Other than pensions this area of spending includes unemployment security, disability insurance, and workers compensation. Together, these expenses are categorized U.S. Census Bureau as "insurance trust."

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#2 Public Welfare

Category: Social Services

Cost Per $1,000 of Income: $46.90

National Rank: 7

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#1 Elementary and Sec. Ed

Category: Education

Cost Per $1,000 of Income: $48.59

National Rank: 15

 
 

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