Audit finds RI pension numbers "reasonable"

Audit calls RI pension calculations "reasonable"; suggests lower investment return forecast

Associated Press

PROVIDENCE, R.I. (AP) -- An independent audit has found that the calculations used by Rhode Island's state pension system are reliable and reasonable.

The audit was released Wednesday by the state's Retirement Board.

The review found no significant problems with the pension calculations, which are central to the strength of the retirement fund that covers teachers and many other active and retired state and municipal workers.

The audit concluded that the state's 7.5 percent projected rate of return on pension investments was reasonable, but said a more conservative rate might be more realistic.

Treasurer Gina Raimondo, who chairs the Retirement Board, says the audit should give "peace of mind" to state and municipal employees and retirees.

The audit looked at the system's numbers as of June 30, 2012.

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