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State of Rhode Island, Office of the General Treasurer , James A. Diossa, General Treasurer

RI Pension and OPEB Funds Deliver Strong Performance in FY25

Published on Thursday, July 31, 2025

For Immediate Release

Date: July 31, 2025

Contact: Carla C. Rojo, Director of Communications

press@treasury.ri.gov

RI Pension and OPEB Funds Deliver Strong Performance in FY25

PROVIDENCE, RI – Today, Rhode Island General Treasurer James A. Diossa and the State Investment Committee (SIC) announced that the state pension fund has outperformed the plan’s target annual rate of return over the past fiscal year. Similarly, the state’s OPEB (Other Post Employment Benefits) fund also outperformed its assumed rate of return over the past fiscal year.

As of June 30, 2025, the Employees’ Retirement System of Rhode Island (ERSRI) held $12.1 billion in assets and produced a return of 8.42%, outperforming the plan’s 7% actuarial assumed rate of return. As of the same date, the state’s OPEB fund held $752.5 million in assets and produced a return of 11.1%, outperforming that fund’s 5% actuarial assumed rate of return.

“These returns demonstrate that our investment strategy is effective and resilient,” said General Treasurer Diossa. “I applaud the Treasury investment team and our State Investment Commissioners for their work on behalf of all Rhode Islanders.”

Additionally, the State Investment Commission voted today to approve Meketa and StepStone as investment consultants. Both groups will consult on the $12.1 billion pooled trust defined benefit investment portfolio of the Rhode Island Employees’ Retirement System. Meketa is 100% employee-owned, advising on $2 trillion in client assets. Meketa will serve as general and hedge fund consultant. Meanwhile, StepStone will serve as the alternative consultant covering private equity, private credit, real estate, and infrastructure. StepStone has $520 billion in assets under advisement.