Seth Magaziner on Pensions, Hedge Funds, and More

Seth Magaziner on Pensions, Hedge Funds, and More

Rhode Island General Treasurer Seth Magaziner on Friday acknowledged that pension reform was "painful" for impacted Rhode Islanders, but said that the state is "finally progressing," in a broad-sweeping interview with GoLocal News Editor Kate Nagle on Friday.

Magaziner spoke to his recent legislative proposal to bring struggling local pension plans into the statewide municipal system, to the impact of statewide debt, per a recent report, to the Treasurer's office looking to inform Rhode Islanders of unclaimed property, due to them. 

Earlier this week, Magaziner released the Debt Affordability Study in the state's history, setting new debt affordability targets for the first time since 1999.
 
"It is imperative that Rhode Island maintain committed to making job-creating investments in infrastructure, school facilities, and other capital projects," said Treasurer Magaziner. "But we also must ensure that we never borrow beyond our means. With the most comprehensive analysis of public debt the state has ever conducted, we are shedding new light on the affordability of public borrowing across the Rhode Island."

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According to Magaziner, in Rhode Island, there are more than 100 entities that can issue public debt, including State itself, municipalities, school, water and fire districts, along with quasi-public entities including the Narragansett Bay Commission, Commerce Corporation, Rhode Island Student Loan Authority, and the Rhode Island Airport Corporation. Combined, Rhode Island public issuers have accumulated more than $10.5 billion of debt.