Little RI wins big pension award

Associated Press

PROVIDENCE, R.I. (AP) -- Rhode Island's public pension system has been recognized by an investment magazine as the best small public pension plan in the nation.

Treasurer Gina Raimondo announced Friday that Institutional Investor magazine awarded the honor, which she says recognizes efforts to stabilize and manage the pension system and its investments.

The state beat out several other small public pension plans including ones in Delaware, New Mexico and San Bernardino County, Calif.

Raimondo led efforts two years ago to overhaul the state's pension system. She authored legislation that cut retirement benefits, raised retirement ages and created a new 401k-like benefit. Together, the changes saved billions in future pension costs.

New York City won in the large pension fund category.