Welcome! Login | Register
 

The 10 Greatest Blizzards in Rhode Island History—Which winter storm reigns supreme?

Final Seconds Heroics Lifts Yale Over Brown 69-65—Brown falls to Yale 69-65

SNL Spoofs Deflategate, Provides Answer—SNL Spoofs entire deflate gate scandal, provides an…

NEW: Belichick Discusses Patriots Internal Investigation Into Deflategate—Bill Belichick addressed the New England media in…

Gronkowski Is That Good—Seahawks cornerback Jeremy Lane said he did not…

Fit For Life: The Rule of Expectation—When I went to write this week’s column,…

RI Beauty Expert: The Caring Hour – Before Bed Winter Beauty Rituals—Cold biting winds and below freezing temps are…

Leonard Moorehead, TheUrban Gardener: Snow is Good for Gardens—Polar vortex, wind chill factors, deep layers of…

Patriots Chairman and CEO Robert Kraft Statement—Patriots Chairman and CEO Robert Kraft releases statement

NFL Releases Statement on Deflategate—NFL releases statement on deflategate

 
 

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.

 
 
:)