Legislation requiring pension plans managed by religious organizations in Rhode Island to send regular financial updates to plan participants has advanced, after the state House of Representatives approved it Wednesday.
The state senate approved its own bill May 7.
The two chambers must now approve each other's bills before a final version is sent to the Gov. Gina Raimondo for enactment. The pension transparency legislation was sponsored by Rhode Island Senate President Dominick J. Ruggerio and House Majority Leader K. Joseph Shekarchi.
Rhode Island Treasurer Seth Magaziner also became a strong proponent, after hearing from plan participants affected by the insolvency of St. Joseph Health Services of Rhode Island Retirement Plan. "Retirees and employees of St. Joseph's and Our Lady of Fatima hospitals were kept in the dark about the poor health of their plan and are facing significant cuts to their pension benefit. This must never happen again in Rhode Island," said Mr. Magaziner, who oversees the Rhode Island State Investment Commission, including the $8.1 billion Rhode Island Employees' Retirement System, Providence.
"Any member of a pension plan, no matter who administers the plan, should have access to information about their pension," Mr. Magaziner said in a statement following the House action.