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NEW: Raimondo’s Office Responds to Rolling Stone Article

Thursday, September 26, 2013


Rhode Island General Treasurer Gina Raimondo's office has responded to today's Rolling Stone piece by Matt Taibbi, which focused on Raimondo and pension reform in Rhode Island.  

Statement from Raimondo

Joy Fox, spokesperson for Raimondo, issued the following statement this afternoon.

“This is clearly a political propaganda piece driven by the critics of pension reform, including those who are paid by local labor leaders to discredit the state’s reforms and its investment policies. The author does not appear to have a clear understanding of the 2011 pension process and its goals, and conveniently omits many important facts.

The Treasurer stands by the work of the General Assembly to provide retirement security for hardworking public employees and retirees.

This story also unfortunately glosses over what actually happens to people when leaders do not make tough choices. The retirees of the City of Central Falls saw their pensions cut in half. Leaders do not want the same to happen again to public employees and retirees in the state system.

In 2011, Rhode Island had a choice. It could have done nothing and been dishonest about its problem. Instead, Rhode Island leaders came together, courageously put politics aside, and made the tough decision to protect the retirements of hard working public employees and retirees.”

It is important to remember:
- The treasurer fought to always keep a defined benefit pension, and always respected collective bargaining.
- Reform passed overwhelmingly in a Democrat-controlled General Assembly
- There were countless hours of labor-attended pension advisory group meetings, legislative hearings and town hall-style meetings with the Treasurer and Governor
- All but one vote to approve the hedge funds were unanimous. The only vote to approve hedge funds that was not unanimous was due to one abstention – again, showing strong SIC support to execute this investment strategy."


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