Welcome! Login | Register
 

Seven Big Surprises So Far in the 2016 Election Season in RI—Seven Big Surprises So Far in the 2016…

Bob Whitcomb’s Digital Diary: EU, Newport NIMBYs, and Obamacare—Bob Whitcomb’s Digital Diary: EU, Newport NIMBYs, and…

UMass President Meehan to Close Congressional Committee, Make Gift for UMass Scholarships—UMass President Meehan to Close Congressional Committee, Make…

Santander Fails U.S. Stress Test for Third Straight Year—Santander Fails U.S. Stress Test for Third Straight…

Guest MINDSETTER™ Tom Kenney: PFD Organizational Chart—Guest MINDSETTER™ Tom Kenney: PFD Organizational Chart

Guest MINDSETTER™ DiPalma & Bann: Rhode Islanders Can be Proud of Children’s Health Improvements—Guest MINDSETTER™ DiPalma & Bann: Rhode Islanders Can…

4Faiths Tour of Newport Announces Walking Tour “4faiths, 4landmarks”—4Faiths Tour of Newport Announces Walking Tour "4faiths,…

PC Hockey to Play Boston College at Frozen Fenway 2017—PC Hockey to Play Boston College at Frozen…

Billy Dee Williams Coming to RI Comic Con 2016—Billy Dee Williams Coming to RI Comic Con…

Hasbro Inc. Ranks as Most Community Minded Company in America—Hasbro Inc. Ranks as Most Community Minded Company…

 
 

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.

 
 
:!