From Michael Riley’s informative and disturbing column in GoLocalProv this week:
According to [RI Democratic Party Chair Joseph] McNamara the last 5 years Rhode Island earned 9.3% in its pension plan. I was shocked to hear that and wondered where he got that “talking point” from. Never mind, let’s just go to Seth Magaziner’s RI Treasury website.
The five year rate of return for the state pension plan was actually 5%, a far cry from 9.3%. Why did Mr. McNamara tell such a whopper?