Public pensions and their Wall Street money managers withhold from participants "alternative" investment documents. Wealthy lawyers and financial advisers can easily get them.
Excellent on target article. Years ago I tried to find out what our pension was invested in and got a generic response. raimondo always called it trade secrets when she wanted none of her transactions exposed and magaziner followed. I guess the only way to get investors to know what they are investing in is to get the RI GA to create a law and unfortunately the make up of this GA with its speaker of the house, is such that it won’t happen. In fact the current Speaker, Shekarchi, is a raimondo pal having been her campaign manager, etc.
If I were privately investing my financial advisor would be telling me who I invested on and at what percentage but in my public pension, I don’t even have access to my own money. And the rep for retirees Boudreau never challenged it nor the unions; all in bed with raimondo and not make waves was their way. And I feel for those on the hybrid plan for they really have no access as to where their retirement money is going. 2011 was a bad year for that’s when RIRSA 2011 got passed and now 12 years later one still doesn’t see union heads like Nee, Downey or again Boudreau for the retirees in his coalition fight for transparency (as well as Cola Restoration) It’s most unfortunate that the people whose money it is, retirees especially who need access more than ever, in this economy cannot see what wealthy lawyers and some financial advisers can get access to
Excellent on target article. Years ago I tried to find out what our pension was invested in and got a generic response. raimondo always called it trade secrets when she wanted none of her transactions exposed and magaziner followed. I guess the only way to get investors to know what they are investing in is to get the RI GA to create a law and unfortunately the make up of this GA with its speaker of the house, is such that it won’t happen. In fact the current Speaker, Shekarchi, is a raimondo pal having been her campaign manager, etc.
If I were privately investing my financial advisor would be telling me who I invested on and at what percentage but in my public pension, I don’t even have access to my own money. And the rep for retirees Boudreau never challenged it nor the unions; all in bed with raimondo and not make waves was their way. And I feel for those on the hybrid plan for they really have no access as to where their retirement money is going. 2011 was a bad year for that’s when RIRSA 2011 got passed and now 12 years later one still doesn’t see union heads like Nee, Downey or again Boudreau for the retirees in his coalition fight for transparency (as well as Cola Restoration) It’s most unfortunate that the people whose money it is, retirees especially who need access more than ever, in this economy cannot see what wealthy lawyers and some financial advisers can get access to