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Raimondo Recounts Pension Overhaul Efforts As Part Of Fortune Magazine Summit

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Governor Gina Raimondo spoke in Washington, D.C., Tuesday as part of a conference highlighting powerful women. Raimondo attracted attention for the...

Governor Gina Raimondo spoke in Washington, D.C., Tuesday as part of a conference highlighting powerful women. Raimondo attracted attention for the pension overhaul she spearheaded as state treasurer in 2011.

Raimondo was invited to speak by Forbes magazine, which stages an annual conference featuring women leaders. Raimondo recounted part of what she said to public employees upset by pension changes in 2011.

“If we act now, I can save your pension,” said Raimondo. “Maybe you won’t get a cost of living increase, but at least you’ll get a pension. But if we do nothing, let me tell you what’s going to happen to you. And oh by the way, one or two cities will go bankrupt in the process, and how is that good for you?”

As treasurer, Raimondo let a move to reduce the expected rate of return for the state pension fund to 7 and a half percent. Yet the fund earned just over 2 percent for the fiscal year that ended in June.

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Governor Gina Raimondo speaking with Fortune editor Pattie Sellers
Governor Gina Raimondo speaking with Fortune editor Pattie Sellers