WARWICK, R.I. — Republican Allan Fung is the latest applicant for governor to promise, if elected, he will admit the advice of Raimondo-bashing alimony adviser and above Securities & Barter advocate Edward “Ted” Siedle to investigate the pension-cutting and hedge-fund advance moves by Gov. Gina Raimondo in her accomplished role as accompaniment treasurer.
Fung additionally aloft the achievability of initiating a accusation to balance “lost” advance armamentarium balance on Raimondo’s watch, which the Florida-based Siedle has estimated at $500 million.
“Raimondo basically took abroad grandma’s COLA and gave it to her accompany on Wall Street,” argued Fung, the ambassador of Cranston. “She took that money and lined the pockets of her accompany in New York via the absonant fees that go forth with barrier funds.”
“The ameliorate has been such a failure, Broker [Seth] Magaziner is aggravating to about-face the advance as best of the barrier funds ‘did not accommodated expectations.’ Added than bisected of any assets accomplished accept been swallowed up by their own fees,” said Fung, with Siedle at his side, at a Wednesday morning columnist conference.
The afterward are amid his promises:
— “Work to accomplish accessible the names of all barrier armamentarium managers and their contacts that outline their fees and advance strategies.”
— “Initiate an absolute ysis by a argumentative alimony able into the absolute armamentarium achievement and fees, abnormally in attention to those barrier armamentarium investments by Raimondo … The after-effects of the ysis will again by forwarded to the SEC for their review.”
Fung additionally declared on the Rhode Island advocate accepted “to investigate any violations of civilian or bent laws that occurred as a aftereffect of this abundance alteration from the pockets of pensioners to Wall Street, in barter for political contributions.” He said he had appear with an bearding “local attorney” about carefully afterward “the Kentucky lawsuits by retirees adjoin the banking advisors, retirement board, and the barrier funds themselves. If acknowledged there, we are attractive to admit a abeyant action in Rhode Island to balance funds on account of the pensioners.” (A accusation applicable that description was absolved aftermost month. Siedle brash The Journal in an email there is a “different case” in the pipeline.)
If the ysis and accessible accusation is successful, Fung captivated out the achievability of abating added common cost-of-living increases — or COLAs — to 22,300 retired accompaniment workers and public-school teachers.
In his own turn, Siedle said the beforehand investigations he was assassin to conduct, in Rhode Island, for retirees and the better accompaniment agent abutment — Council 94, AFSCME — “found boundless corruption and wrong-doing, accurately conflicts of absorption … boundless fees and violations of law,” and these investigations were “stymied by a abstruse abridgement of transparency, that is: best of the abstracts that we sought” were declared off-limits.
“Decisions were fabricated for political advantage for Gina Raimondo,” declared Siedle who, afterwards anniversary attack into the Rhode Island pension world, vowed to about-face his allegation over to the SEC. While in Rhode Island, he additionally accustomed Fung.
Fung is not the aboriginal applicant to affiance an ysis “of the absolute alimony artifice issue” with Siedle in a advance role. Raimondo’s Democratic primary adversary and above accompaniment Rep. Spencer Dickinson did so, and added recently, longtime Republican administrator Joe Trillo, alive for governor as an independent, additionally invoked Siedle’s name back able an ysis of the alimony check that Raimondo led in 2011. (Trillo Wednesday accused Fung of burglary his ideas.)
The 2011 legislation — for which Raimondo won civic accolades — abeyant cost-of-living increases for accepted retirees, and aloft the retirement age and bargain the allowances for approaching retirees. This affecting check of the state’s alimony arrangement for accompaniment workers, accessible academy agents and borough advisers was aimed at extenuative $274 actor in aborigine dollars the aboriginal year, and billions over the aing 25 years.
The promise: anniversary COLAs would resume back there was abundant money in the alimony armamentarium to awning 80 percent of projected obligations. As of the aftermost official appraisal (for the year catastrophe June 30, 2017), the accompaniment employees’ pensions were 52.9 percent adjourned and the teachers, 54.8 percent funded.
In January 2015, back Raimondo’s almsman Seth Magaziner took appointment as accompaniment treasurer, the accompaniment alimony fund was invested in 18 barrier funds, with a absolute portfolio amount of $1.19 billion. As of September 30, 2018, the $8.42-billion alimony armamentarium was bottomward to seven barrier armamentarium investments, admired at $550 million.
In September 2016, back Magaziner appear his absorbed to abandon added than bisected of the barrier armamentarium investments Raimondo accomplished back she was treasurer, he said they had not performed up to expectations. “By and ample the barrier armamentarium allotment of the portfolio has been a backward for us over the aftermost few years,” Magaziner said at that time. “Some [hedge funds] accept performed actual well. Best accept not.”
Asked Wednesday if Raimondo abjure her barrier armamentarium strategy, the Raimondo attack had no absolute response. The Raimondo attack instead put out a account that began: “Another day, addition atrocious brownnose from a declining applicant with no eyes for the state.”
“The artifice of both candidates’ pandering is rich: Joe Trillo voted for the reforms and Allan Fung was an alive affiliate on the board that helped appearance them,” said Raimondo attack agent Mike Raia.
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