Welcome! Login | Register
 

The Scoop: GOP Candidate Calls for Independent Pollster and More—Welcome back to The Scoop, the 4 p.m.…

Rhode Island Ranked 7th Least Happy State in America—Rhode Island was ranked the seventh least happy…

Alex and Ani Hall Opens at Rhode Island College—The grand opening of Alex and Ani Hall…

RI Free Clinic Receives $75,000 Blue Cross & Blue Shield of RI Grant—Blue Cross & Blue Shield of Rhode Island…

Don’t Miss: Halloween Decorations at the Smith-Appleby House—The Smith-Appleby House will host a Paper Cutting…

The Scoop: Block Endorses Fung; Elorza, Almonte, Magaziner Pick up Endorsements, and More—Welcome back to The Scoop, the 4 p.m.…

NEW: Harrop Claims Mismanagement of Cianci Scholarship Fund—Following last week's Providence Mayoral debate at Laurelmead,…

Mars Chocolate North America Announces Recall of M&M’S® Brand Theater Box 3.40 oz UPC—Mars Chocolate North America has announced a voluntary…

Russell Moore: Elorza Lacks Accountability—Democratic Mayoral candidate Jorge Elorza just can’t be…

The Edwards Twins to Perform at the Dunkin’ Donuts Center—The Edwards Twins will present their Christmas with…

 
 

NEW: SEC Closes Rhode Island Pension Investigation

Tuesday, July 09, 2013

 

General Treasurer Gina Raimondo today announced that the Securities and Exchange Commission has completed their investigation of the State's pension financial disclosures and will not pursue any enforcement action.

"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."

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 Raimondo's term, in 2011.

"This is a well-deserved result for Rhode Island," said Paul Maco, a partner at Bracewell & Giuliani. "The SEC, as a matter of policy, will not explain its reasoning. From my perspective, several factors may have been influential. Treasurer Raimondo's Truth in Numbers initiative, combined with adding an overall robust commitment to state of the art financial disclosure, training, and best practices to existing good disclosure, plus decisive legislative action on pension reform, all likely influenced the SEC's decision to end its investigation of the State."

 

Related Articles

 

Enjoy this post? Share it with others.