PROVIDENCE, R.I. (AP) - The Rhode Island Pension Fund closed out 2020 with a record of almost $9.5 billion in assets, officials said Wednesday.
The fund for retired public employees grew in 2020 despite COVID-19 market volatility, according to General Treasurer Seth Magaziner’s office. He credited the office’s Back to Basics investment strategy, which prioritizes growth and stability over the long term.
“My number one priority is to support economic opportunity and protect the state’s finances, including the Pension Fund,” he said in a statement. “Even in a time of extreme market volatility, my Back to Basics investment strategy has protected the Pension Fund for those families whose livelihoods depend upon it and has spurred growth, resulting in the fund closing out the year at an all-time high.”
The fund, also known as the Employees Retirement System of Rhode Island, performed better than 87% of similar funds in the 2020 fiscal year, and outperformed its own benchmarks, earning 11.87% on the year compared to the benchmark return of 11.49%.
Among the plan’s strongest performing underlying investments for the calendar year were U.S. stock market index funds which returned 20.83% and the Crisis Protection Strategy, which returned 15.54%.
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