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Pension study from union slams RI treasurer

NORTH PROVIDENCE, R.I. (AP) -- A public-sector union has issued a report harshly criticizing Rhode Island General Treasurer Gina Raimondo over state investments in hedge funds and a recent pension overhaul.

The study commissioned by Rhode Island Council 94 accuses Raimondo of enriching hedge fund managers through management fees at the expense of public workers and retirees whose retirement benefits were cut.

Council 94, which is suing the state over pension changes approved by lawmakers and championed by Raimondo, paid investment attorney Ted Siedle $20,000 to write the 104-page report. Siedle says he believes federal regulators should review his allegations.

Raimondo, a Democrat, is expected to run for governor. She tells The Associated Press that the report's accusations are false and amount to a political and personal attack intended to undermine efforts to overhaul pensions.