Table of contents
A Message from seth............................................................................... 1
I: Rebuilding Rhode Island
Infrastructure Bank.................................................................... 2
School Building Capital Improvement Authority................ 3
Reform the Historic Preservation Tax Credit ...................... 3
II: Rhode Island Green Bank
Energy Efficiency Revolving Fund............................................ 4
PACE Program................................................................................. 5
Direct Lending Program.............................................................. 5
Funding and Administration........................................................ 6
III: Invest In Rhode Island
Main Street Opportunity Loans................................................. 7
Rhode Island Venture Pool........................................................ 8
IV: Empower Rhode Islanders
Crack Down on Predatory Financial Services..................... 9
Promote Financial Literacy ..................................................... 10
Expand Access to Affordable Banking................................. 10
V: Stable and Secure Retirement
Responsible Management of the Pension System............. 11
Improve Investment Returns.................................................... 11
Reduce Fees................................................................................... 12
Financial Planning....................................................................... 12
Advocate for Healthy Pensions.............................................. 13
Assist our Cities and Towns..................................................... 13
A Blueprint
For
Rhode Island
Launching Economic Growth
from the General Treasurer’s Office
INVEST MORE IN RHODE ISLAND
CREATE JOBS IN RHODE ISLAND
“This Blueprint is what we need
to encourage growth and put
Rhode Islanders back to work.”
- Matthew Taibi, Secretary Treasurer
Teamsters Local 251
“Seth Magaziner has a plan
for how to use the Treasurer’s
office to get Rhode Island’s
economy moving and make
our state competitive.”
- Paul Choquette, Vice Chairman
Gilbane Inc.
“Seth’s Blueprint uses Rhode Island
dollars to create good jobs here,
not other states.”
- Roy Coloumbe, Business Manager
Ironworkers Local 37
www.SethMagaziner.com
A Message from Seth:
During this campaign I have been inspired by countless stories
from Rhode Islanders who are doing extraordinary things in the
face of one of the most challenging economies in recent times.
Rhode Islanders are talented, hard-working and resilient people
with limitless potential.
But today, too many in our state are struggling. Thousands of
Rhode Islanders can’t find work, and thousands more are working but are still having a hard time
making ends meet. We need leaders who will prioritize putting Rhode Islanders back to work, and
who have real ideas for how to do it.
That is why I am running for General Treasurer. I know that, in the right hands, the Treasurer’s office
can be a springboard for economic growth in Rhode Island. With this in mind, I am proud to release
my Blueprint for putting Rhode Island back to work.
The plans in this Blueprint are ambitious, and will require strong leadership and cooperation
between government agencies, businesses, and community organizations. Big challenges call for
bold solutions, and I know that we can get our state back on track if we have the courage to act.
This Blueprint has five parts, each of which will play an important role in reviving our state’s economy:
• Rebuilding Rhode Island’s Infrastructure, through the establishment of a state infrastructure
bank, rehabilitation of school buildings, and a reform of the state’s historic preservation tax
credit program,
• The establishment of a Rhode Island Green Bank, which will put Rhode Islanders to work
building out our clean tech infrastructure and making our buildings more energy efficient,
• A Local Investment initiative, so that more of our state’s dollars are invested in Rhode Island
to create jobs right here, not in other states.
• Financial Empowerment programs that will help thousands of Rhode Islanders reach their
economic potential by promoting financial literacy, making low-cost financial services more
accessible, and cracking down on predatory financial products,
• Responsible Management of our Retirement System, so we never have to go through
another painful pension reform again.
Rhode Island is my home, and I believe we have what it takes to rebuild our economy and put
people back to work. It won’t be easy, but together we can make a clean break from the corruption
and mismanagement that got us into this mess, and move forward with confidence to a more
prosperous future.
I look forward to making this journey together.
Sincerely,
Seth
1.
I: Rebuilding Rhode Island
Rebuilding Rhode Island’s infrastructure is critical to getting our economy back on track and will
create good paying jobs for Rhode Islanders right away. From roads and bridges to world-class
school facilities, these projects will put Rhode Islanders to work building up the tools we need to
keep our state competitive for years to come.
The American Society of Civil Engineers reports that 70% of Rhode Island’s roads are in poor or
mediocre condition, while more than half of our school buildings are more than 50 years old. At the
same time, Rhode Island has lost nearly 8,000 jobs in the building and construction trades over the
past five years. Now is the time to put Rhode Islanders to work rebuilding our state.
As Treasurer, I will:
• Promote rebuilding our state’s infrastructure by establishing an Infrastructure Bank to help
municipalities fund infrastructure improvements, and attract private investment,
• Fight to lift the moratorium on school construction and develop a stable and equitable
system for school building rehabilitation,
• Reform the Historic Preservation Tax Credit and ensure that Rhode Island dollars are
spent creating jobs for Rhode Island workers.
Infrastructure Bank
Rhode Island’s Clean Water Finance Agency has a
proven track record of providing low-cost financing
options to municipalities and has seen success
beyond its initial purview, with the establishment of
the new Road and Bridge Revolving Fund.
As Treasurer, I will lead the push to expand the Clean
Water Finance Agency into a full-scale infrastructure
bank, which will provide cost-effective and efficient
financing solutions to municipalities and agencies
looking to undertake infrastructure projects. From public buildings to ports, from bridges to
broadband, we can put thousands of Rhode Islanders to work rebuilding the infrastructure our
state needs to become more economically competitive.
Modeled after other state infrastructure banks, such as the Virginia Resources Authority, the
municipal renewal fund will optimize the cost of borrowing by pooling together loans to multiple
projects, thereby reducing fees and lowering interest rates. The infrastructure bank can also help
our cities and towns save money by providing access to centralized contracted services like financial
advisors and bond counsels.
By offering a centralized infrastructure bank, cities, towns and agencies will have access to lowcost financing alternatives to fund much needed infrastructure improvements that create jobs and
make desperately needed infrastructure project possible and affordable.
2.
School Building Capital Improvement Authority
Over half of Rhode Island school buildings are over 50
years old, and many are in dire need of rehabilitation and
repair. Not only do outdated facilities make it harder to
educate our children – they put kids at risk by exposing
them to unhealthy and unsafe environments.
Today, we fund school construction and rehabilitation with
borrowed funds, meaning that much of our budget for
school construction goes towards paying interest instead
of actual bricks and mortar. Even worse, the state has
suspended its support for school construction projects
three years in a row – a crippling moratorium at the worst possible time. Our children deserve a
more effective, efficient, equitable approach to funding school construction.
As Treasurer, I will push for the establishment of a centralized School Building Capital Improvement
Authority. Modeled after a successful program in Massachusetts, the Rhode Island School Building
Capital Improvement Authority will establish a dedicated revenue stream to fund school construction,
and will prioritize the allocation of funds based on the condition of school buildings, ensuring that
grants will go to rehabilitating school buildings with the greatest needs.
Reform the Historic Preservation Tax Credit
The Historic Preservation Tax Credit is a well-intentioned program that could put Rhode Islanders to
work rehabilitating one of our state’s great assets – our historic commercial and residential building
stock. But more needs to be done to make sure the program realizes its full potential, and that
Rhode Island workers are the ones who stand to benefit.
This is why, as Treasurer, I will push to restore the Historic
Preservation Tax Credit Trust, facilitating more projects, while
also requiring that a minimum percentage of construction
jobs be sourced from laborers whose primary residence
is in Rhode Island. Additionally, to further promote local
businesses, Historic Preservation projects should be made
eligible for a sales tax abatement on equipment procured from
in-state suppliers. Finally, we must revamp the due diligence
process for the allocation of tax credits, to ensure that we
prioritize projects that offer the greatest public benefit.
As with all infrastructure projects in which the state is financially involved, it is important to remember
that the point is not just to improve our state’s long-term economic competitiveness by upgrading
our infrastructure and educational facilities, but also to boost our economy in the short-term by
putting Rhode Islanders back to work.
3.
II: Rhode Island Green Bank
The adoption of clean energy technologies across the country
has fueled significant job growth, improved our nation’s energy
security and reduced greenhouse gas emissions and air pollution.
Across the country, clean energy generation is creating hundreds
of thousands of jobs and saving homeowners and businesses
billions of dollars. Rhode Island must do more to take advantage
of this exciting new trend, putting people back to work building a
cleaner and more sustainable future.
Recently, a number of our state agencies have begun to offer
clean energy rebate and grant programs, but navigating this
maze of programs can be difficult for homeowners and businesses. To compete in the new green
economy, we must streamline these programs and do more to support the development of a clean
energy industry in Rhode Island.
As General Treasurer, I will work with state agencies and develop partnerships with local banks
and businesses to establish a Rhode Island Green Bank. By assisting homeowners and small
businesses with clean energy projects, we can help Rhode Island families save money, and create
thousands of jobs in the process.
The Rhode Island Green Bank will:
• Establish an Energy Efficiency Revolving Fund that will cover up to 100% of the up-front
costs of energy efficiency retrofits undertaken by Rhode Island businesses and homeowners,
• Expand the Property Assessed Clean Energy (PACE) Program for residential
clean energy projects,
• Provide direct low-interest loans, matched by private sector financing, to a broad
array of innovative clean technology projects across the state.
Energy Efficiency Revolving Fund
Energy efficiency retrofits help Rhode Islanders achieve cost
savings on their utility bills by making improvements to their
homes and commercial buildings. From replacing light bulbs
and HVAC systems, to improving home insulation and roofing
systems, the Office of Energy Resources estimates that every one
dollar invested in energy efficiency yields two dollars in savings.
Rhode Island currently has an energy retrofit program managed by
National Grid, but this program has yet to achieve its full potential.
The range of building improvements covered in the program is limited, and many consumers do not
see cost savings right away. The Rhode Island Green Bank will bolster the state’s retrofit program
so that more improvements can be covered and consumers can realize cost savings sooner.
By expanding the reach of existing retrofit programs in the state, Rhode Islanders can realize the
financial benefits of energy efficient retrofits, and we can put Rhode Islanders to work building a
cleaner future.
4.
PACE Program
During the 2013 legislative session, Rhode Island passed the Residential Property Assessed Clean
Energy (“PACE”) program. In the PACE program, a private lending institution will partner with
volunteering municipalities to loan up to 100% of the up-front cost of a residential clean energy
project, such as a rooftop solar system or septic system. Homeowners repay the loan through an
assessment on their property tax bill for a fixed term, which would transfer to a new homeowner if
the property is sold.
The Rhode Island Green Bank, with its broader array of assets, could make the PACE program
available to more Rhode Islanders. The Green Bank can also help organize programmatic
negotiations between participating municipalities and private lending partners, reducing fees, and
allowing for economies of scale.
Direct Lending Program
Beyond making our building stock more efficient, we
can do more to put Rhode Islanders back to work
building a more sustainable future. Projects like
electric vehicle charging stations and commercial
energy storage facilities are essential investments for
the future that can employ Rhode Islanders today.
The Rhode Island Green Bank will work with Commerce
RI to streamline and expand the state’s Renewable
Energy Fund, establishing a Direct Lending Program
to provide one-to-one matching loans with a private
lending partner to cover up to 80% of the cost of installing innovative clean technologies. The private
lending partner would be selected through transparent and competitive Request for Proposals
process to ensure the selection of the most qualified partner and the lowest risk to the state.
Projects eligible for a loan would have to utilize a pre-approved suite of technologies such as
advanced energy storage systems, electric vehicle charging stations, or smart grid technology
platforms that enhance the reliability of the electricity grid.
To secure a loan from the Green Bank and its private lending partner, individual projects with identified
capital partners could apply to the Direct Lending program and propose a financial structure that
incorporates a Green Bank loan. The private lending partner would lead due diligence efforts for
projects seeking a loan and handle loan administration, ensuring private banking standards are
upheld and saving the Green Bank the expense of loan processing functions.
5.
Funding and Administration
Establishing a Rhode Island Green Bank will allow us to more efficiently administer the various
clean tech and energy efficiency programs currently available in our state, while also bolstering
the programs to put more Rhode Islanders to work. Funding for the Green Bank will come from
a combination of existing revenue streams, such as systems benefits charges, and new private
capital. The opportunity to put Rhode Islanders to work building a more sustainable state is an
exciting one, and we must seize it.
6.
III: Invest In Rhode Island
Rhode Islanders are creative, hard-working and entrepreneurial. Small businesses account for more
than 95% of Rhode Island businesses and employ a majority of our state’s private sector workforce.
Tens of thousands of creative, hardworking people in our state have started locally-owned businesses
that fuel our economy. Many more have the talent and ambition to start businesses, but experience
difficulty accessing the capital they need to put their ideas into action.
The office of the General Treasurer oversees billions of dollars, of which only a small percentage
is invested in Rhode Island companies. As Treasurer, I will direct more of our investments locally,
putting more of our taxpayer dollars to work creating jobs right here in Rhode Island, not in other
state or other countries.
“I know that, in the right hands,
the Treasurer’s Office can be
an engine for economic growth
in Rhode Island.”
- Seth Magaziner
By investing more of our resources locally, we can grow new businesses that will create jobs and
build a culture of innovation. As Treasurer, I will create Main Street Opportunity Loans to support
new small businesses and develop a Rhode Island Venture Pool to support our state’s emerging
high tech start-up companies.
Main Street Opportunity Loans
While many small businesses are able to access the capital
they need to grow through existing programs like the
Federal Government’s SBA loans and Commerce RI’s Small
Business Loan Fund, other talented and innovative would-be
entrepreneurs in Rhode Island encounter barriers when trying
to obtain capital to start a business. Many Rhode Islanders
have the skills and track records to be successful business
owners, but are still unable to access traditional small business
loans. In particular, many women and minority entrepreneurs
report difficulty accessing capital to start businesses.
As Treasurer I will advocate for a $20 million Main Street Opportunity Loan program, specifically
aimed at Rhode Islanders who are looking to start a business, and have knowledge and
experience in their fields, but have been unable to access loan capital. Loans of up to $200,000
will be made available to qualified individuals looking to start a business at a fair rate and duration.
7.
All borrowers will be required to attend coaching sessions on business planning, bookkeeping and
other skills necessary to build and maintain a successful business.
The Main Street Opportunity Loan program will be administered by non-governmental community
organizations with experience in small business lending, with close monitoring and diligence from
Treasury staff.
Rhode Island Venture Pool
The up and coming Providence start-up scene is a great
Rhode Island success story in the making. Powered
by our universities and by support organizations
like Betaspring, the Social Enterprise Greenhouse
and the Founders League, last year Rhode Island
startups raised more than $140 million and employed
thousands of people. Startup companies accounted
for all of the net job growth in the United States
between 1977 and 2010, so a vibrant startup scene
is essential for Rhode Island’s economy.
Early seed stage funding is critical for startup
companies, and the availability of funding can be an important tool in attracting and retaining high
potential companies in Rhode Island. As Treasurer, I will direct $15 million from the private equity
allocation of the state retirement system portfolio to a Rhode Island-specific seed stage venture
pool. This amount represents less than 3% of the portfolio’s private equity target allocation, and
thus will ensure that the portfolio remains well diversified while supporting local growth.
The Rhode Island venture pool will be divided into two parts. The first, a $5 million allocation, will
make investments of up to $100,000 in seed stage start-up companies based in Rhode Island that
have also received investment from local angel and seed stage investors with established track
records. An additional $10 million will be reserved for follow-on investments in promising companies
that have completed their initial seed round.
The Rhode Island Venture Pool will be overseen by a team of experienced third-party experts
and will only make investments in local startup companies that have raised private capital from
reputable investors.
As with any investment of taxpayer dollars, local investment initiatives must be managed with skill
and discretion. In order to protect the investments of Rhode Island taxpayers, I will ensure that all
local investment initiatives adhere to the following principles:
• Investments must target risk-adjusted market rate returns, so taxpayers receive the best
possible investment performance,
• Investment portfolios must be diversified, so as not to put ‘too many eggs in one basket,’
• Investment decisions must be made by experts with private sector experience,
not State House bureaucrats,
• The investment process must be transparent, with rigorous ongoing tracking and
oversight of all investments.
8.
IV: Empower Rhode Islanders
Thousands of Rhode Islanders lack access to basic, low-cost financial services, forcing them to
rely on predatory financial services that charge exorbitant fees and trap families in endless cycles
of debt and dependency. When thousands of Rhode Islanders are left on the sidelines due to lack
of access to affordable financial services, our state’s economy suffers.
We can boost our economy by cracking down on predatory financial services, expanding financial
literacy, and ensuring that all Rhode Islanders have access to safe, affordable financial products.
Building a fair financial system for Rhode Island will empower people to open a business, stay in
their homes, or put a child through college.
In Rhode Island today, 53% of Rhode Islanders have sub-prime credit scores, 30% do not have a
retirement plan and 25% are either unbanked or under-banked. When so many Rhode Islanders
are left on the sidelines, all of us are hurt. By financially empowering all Rhode Islanders, we will
unleash tremendous economic activity and provide security to thousands of our families.
As Treasurer, I will crack down on predatory financial services, promote financial literacy,
and expand access to affordable banking so that all Rhode Islanders have access to financial
services that work for them, rather than prey on them.
Crack Down on Predatory Financial Services
While the financial marketplace offers many useful
products that help families and businesses in a
variety of important ways, regulatory gaps allow
predatory financial services to prey on the most
vulnerable Rhode Islanders.
Payday lenders in Rhode Island are permitted to
charge customers exorbitant rates of up to 260%.
No other New England state allows a rate higher
than 36%. Other predatory financial services
include high-fee check cashing and certain rent-toown and remittance services.
I have testified before the Consumer Financial
Protection Bureau and the Rhode Island General
Assembly to urge them to crack down on predatory
payday loans. As Treasurer, I will identify regulatory
gaps that must be corrected and call on the
legislature to close these loopholes and protect
Rhode Islanders from predatory financial services.
Magaziner to Consumer
Financial Protection Bureau
“Based on our research of the effects
that payday loans and similar financial
products like ‘direct deposit advance
loans’ have on consumers, we believe
that the risks posed to investors by
the presence of such products in the
financial marketplace are potentially
severe,” said Seth Magaziner, Financial
Sector Analyst at Trillium. “While
payday lending may be a profitable
businesses activity in isolation, our
analysis suggests that the cycle of debt
and increased likelihood of bankruptcy
that the high costs of payday products
impose on consumers have a negative
net impact on the broader economy
that will tax the long term returns of a
diversified investment portfolio.”
9.
Promote Financial Literacy
Financial education is crucial to helping Rhode Islanders achieve financial stability. Skills like
maintaining a personal budget, building a strong credit score and planning for retirement should be
taught from a young age. Rhode Islanders looking to start a business would benefit from additional
training to help them balance books and prepare strong applications for financing, among other
skills. As Treasurer, I will promote financial literacy in Rhode Island through the following initiatives:
Teach Financial Literacy in public schools. Rhode Island is one of the only states in the country
without a statewide financial literacy requirement in its K-12 curriculum.
Expand the Financial Coaching Corps and partner with large employers, unions and social service
organizations to provide financial training to their employees, members and clients.
Launch Small Business Mentorship Programs to help current and future small business owners
maintain healthy financial practices and keep their business on track to succeed.
Expand Access to Affordable Banking
Educating people and cracking down on predatory
financial services is not enough. We must ensure
that safe, affordable financial services are available
for all Rhode Islanders. The best way to do this is
by partnering with our existing banks and credit
unions, which have the infrastructure and knowhow to support financial products, and community
organizations that work closely with populations who
are underserved by the existing financial markets.
At Trillium Asset Management, I invested millions
in community banks that make loans to small
businesses and treated their customers fairly.
Public-private partnerships have been used
successfully to make financial services more available
elsewhere in the country, and as Treasurer I will bring
these best practices here:
Treasurer candidate
Seth Magaziner says 1 in 4
Rhode Islanders has no bank
account or uses high-cost
financial services
In the race to succeed Gina Raimondo as Rhode Island general
treasurer, Democrat Seth Magaziner is saying he can help poorer
residents get low-cost banking services.
During an April 13 appearance on "10 News Conference," he said
he would try to emulate a program in San Francisco, where banks
and credit unions have joined with the city to offer low-cost, low
frills bank accounts with minimal fees "that don't nickel and dime
people."
The service is needed, he said, because, "In Rhode Island today, 25
percent of our households either don't have a bank account at all,
or they have a bank account and they're still relying on high-cost
financial services like payday loans, pawn shop check cashing and
so on."
Safe checking accounts are simple, low-frills checking accounts that offer low account minimums,
and low overdraft and ATM fees,
Early savings accounts will automatically be opened for every child on their first day of school and
the first $100 contributed to the account will be matched,
Individual Development Accounts encourage savings by offering a small matching contribution
for every dollar saved by lower-income individuals,
Small Dollar Loans created through community partnerships, expand access to short-term, low
dollar loans with interest rates significantly lower than those charged by payday lenders.
10.
V: Stable and Secure Retirement
More than 60,000 current and retired teachers, social
workers, public safety officers, civil servants, and their
families depend on the office of the General Treasurer for a
secure retirement. These individuals have devoted their lives
to serving and protecting our community and deserve the
dignity and certainty of a stable and sustainable retirement
system.
Rhode Island’s public pension system has been plagued for
years by mismanagement and poor investment returns. As
an investment professional who has overseen hundreds of
millions of dollars of retirement assets in the private sector, I know how to deliver a strong return on
our investment. I will bring a steady hand to the state’s finances and achieve investment performance
that ensures we never have to repeat the pain and frustration of the 2011 pension crisis.
As Treasurer, I will put my investment experience to work to deliver responsible management
of the pension system, offer strong financial planning resources, advocate for healthy pension
systems throughout Rhode Island, and assists cities and towns to secure the health and future
of their own retirement systems.
Responsible Management of the Pension System
As a Vice President at Trillium Asset Management, I was personally tasked with overseeing hundreds
of millions of dollars worth of investment positions, and served on the investment committee that
managed over a billion dollars worth of investments. Our investment performance was strong,
regularly outperforming the stock market and the Rhode Island pension system.
In order to achieve this successful performance for Rhode Island, I will work to improve our investment
returns, reduce fees paid to money managers and vendors, and improve transparency so
Rhode Islanders always know where and how their money is being invested.
Improve Investment Returns
Our most popular investment product at Trillium, called All Cap Core, returned more than 34% in
2013 and has beaten the performance of the S&P 1500 five out of the last seven years. Meanwhile,
the investment performance of Rhode Island’s pension system has lagged behind most other
states, performing worse than the median large public pension fund four out of the last six years.
This chronic underperformance has cost Rhode Island taxpayers and retirees hundreds of millions
of dollars.
As Treasurer, I will use my strong private sector investment experience to improve the returns of our
state’s investments, so we never have to go through another painful pension reform again.
11.
Reduce Fees
As Treasurer, I will fight for the best possible deal for Rhode Island when we go out to bid for fund
managers. Too many investment firms overcharge their clients, and I will work to make sure that as
many of our pension dollars stay in the system as possible, rather than going to Wall Street fund
managers.
One way to reduce fees is to work together
with the pension systems of other small
states, to negotiate with fund managers as a
group. Working with other pension systems
will improve our negotiating leverage and
help Rhode Island get a better deal. I will
be proactive in reaching out to other states
to form these partnerships.
Improve Transparency
Seth Magaziner:
Hold Wall Street
Banks Accountable
USA Today
April 24, 2013
Rhode Islanders have a right to know how
their money is being invested. As Treasurer,
I will post all of the pension system’s
investments on an easily accessible online portal, with all returns, fees and contracts viewable on
fund-by-fund level. I will not make any investment in a fund that requires an unacceptable level of
secrecy. All investment decisions will be made an in open, deliberate manner.
Financial Planning
Planning for retirement is essential, and can be very complicated. For participants in the pension
system, the recent reforms add new layers of complexity to financial planning. As Treasurer, I will
build out the Treasury’s financial planning program, to offer regular one-on-one sessions for all plan
participants from the date of hire.
I will also dramatically upgrade the online portal available to plan participants, so they can view the
value and projected income from their defined benefit savings, defined contribution savings, and all
outside savings accounts simultaneously. The technology exists to provide a full map of an individual
or family’s retirement in real time, and I will make it available for Rhode Islanders in the pension
system. 12.
Advocate for Healthy Pensions
Rhode Island’s pension crisis could have been
avoided if the system had been managed
responsibly from the beginning. Unfortunately, years
of mismanagement and poor financial decisions by
State House politicians hurt our pension system,
along with the taxpayers who help fund it and the
retirees who depend on it.
As Treasurer, I will be a strong watchdog for the
health of our pension system, so that we never have
to go through another painful reform again. I will speak out vocally against any attempt by the
General Assembly to skip or delay the state’s contributions into the pension system, and against
any attempt to divert budget surpluses from being contributed to the pension fund. The state must
keep its commitment if we are to restore the health of the pension system and keep the promise of
a secure retirement to those who have spent their lives serving our community.
Assist our Cities and Towns
While the pensions of many of our municipal employees are managed by the General Treasurer
through the MERS system, other municipal pension plans are managed independently. Some of
our cities and towns face critical funding shortfalls in their pensions systems, and will need to make
tough decisions to restore financial health and ensure retirement security for their employees.
As Treasurer, I will proactively reach out to our cities and towns, and to the local unions representing
municipal employees, to offer the assistance of the Treasury as they develop plans to get their
pension systems on a healthy footing. I will make the expertise and resources of the Treasury staff
available to our cities and towns, and work with them in partnership to strengthen their finances and
lay the groundwork for retirement security at all levels.
13.
A Blueprint
For
Rhode Island
www.SethMagaziner.com