Rhode Island General Treasurer James Diossa and the State Investment Committee (SIC) have announced the state pension fund has outperformed the plan’s target annual rate of return during the past fiscal year. Similarly, the state’s OPEB (Other Post Employment Benefits) fund also outperformed its assumed rate of return over the past fiscal year.
As of June 30, the Employees’ Retirement System of Rhode Island (ERSRI) held $12.1 billion in assets and produced a return of 8.42 percent, outperforming the plan’s 7 percent actuarial assumed rate of return. As of the same date, the state’s OPEB fund held $752.5 million in assets and produced a return of 11.1 percent, outperforming that fund’s 5 percent actuarial assumed rate of return.
In addition, the SIC voted to approve Meketa and StepStone as investment consultants. Both groups will consult on the $12.1 billion pooled trust defined benefit investment portfolio of ERSRI. Meketa is 100 percent employee-owned, adv
