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Legislation

Rhode Island General Assembly passes bill requiring transparency from managers

The Rhode Island General Assembly passed legislation Tuesday requiring money managers to publicly disclose information about their performance, fees, expenses and liquidity.

The legislation, introduced by state Rep. Lauren H. Carson and state Sen. James A. Seveney, establishes mandatory public disclosure of information regarding how the state's pension investments are managed and invested and how such investments are performing, along with an overview of the state's pension investment strategies.

It is based on the "Transparent Treasury" policy put forth by state Treasurer Seth Magaziner in May 2015.

"I commend the General Assembly for codifying my 'Transparent Treasury' policy, which will now be in place beyond my administration," Mr. Magaziner said in a news release.

Mr. Magaziner oversees the Rhode Island State Investment Commission, Providence, which manages the assets of the $7.9 billion Rhode Island Employees' Retirement System.

The legislation, passed in the evening during in a special session of the state Legislature, is now headed to Gov. Gina M. Raimondo's desk for her signature. It could not be learned whether Ms. Raimondo is expected to sign the bill; David Ortiz, spokesman for the governor's office, could not be immediately reached for comment.