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Pension Funds

Rhode Island pension fund sees 8.03% boost for fiscal year

Rhode Island's pension fund earned 8.03% for the fiscal year ended June 30, outperforming the plan's benchmark and growing to $8.3 billion, Treasurer Seth Magaziner's office announced Monday.

The pension fund earned 11.6% the previous fiscal year.

The Rhode Island Employees' Retirement System's net investment performance in fiscal 2018 topped both the 7.6% return of its benchmark and the 6.25% return for a traditional 60/40 investment portfolio. Longer term, the Providence-based pension fund returned an annualized 6.3% for the three years as of June 30, vs. 6% for the benchmark. Its five-year annualized return was 7.2%, vs. 7% for its benchmark, while the 10-year return was 5.8%, vs. 5.6% for its benchmark.

By portfolio, total public growth returned 11.48% for the year ended June 30; total private growth returned 19.83%. Total stability, meanwhile, returned 2.52% for the fiscal year. No benchmarks for those portfolios were provided. Total income returned 3.28% for the year ended June 30, vs. 3.67 for its benchmark.