Representative Lauren Carson (D-Dist. 75, Newport) will hold a constituent meeting March 27 with State Treasurer Seth Magaziner.
The meeting is scheduled Monday, March 27, at 6:30 p.m. at the Edward King House Senior Center, 35 King St., Newport. All District 75 residents are welcome.
Representative Carson will provide constituents with an update on legislative activities and answer questions.
“I’m pleased that my constituents will have the opportunity to meet with Treasurer Magaziner, right here in the district. During the meeting, the Treasurer will give an update on the pension fund’s investment performance and discuss the new ‘Back to Basics’ fund’s investment strategy. I am grateful to Treasurer Magaziner for joining me in Newport for this event,” said Representative Carson.
“While our pension system has achieved positive performance, and beaten our benchmarks since I took office, we can do better. I always look forward to meeting with folks to talk about what we are doing at Rhode Island Treasury and answer questions. I am so pleased that Representative Carson has invited me back to Newport,” said Treasurer Seth Magaziner.
Among the changes to the pension fund that were recommended by Treasurer Magaziner and adopted by the State Investment Commission last year is a significant reduction in the state’s investments in hedge funds. Under the “Back to Basics” plan, the state is reducing its investment in hedge fund strategies by more than $500 million and reallocating these funds to more traditional asset classes.
The pension fund returned 7.4 percent in 2016, beating its own benchmark and a traditional 60-percent stock and 40-percent bonds portfolio over the past one, three, and five-year annualized time-horizons.