February 8, 2006
For Immediate Release
738-2000
Participation in pension plan program saved city more than $36,000 so far, Avedisian announced
WARWICK– The Municipal Retirement Board’s decision to participate in a commission recapture program has saved the city more than $36,000 in two years, Mayor Scott Avedisian announced today.
The program, meant to help reduce trading and commission costs associated with the administration of the city’s roughly $260 million pension system, has resulted in direct savings to all the city’s pension plans. In 2004, the city’s first year of participation, net savings were approximately $11,500. Last year, savings were roughly $25,000, Avedisian said.
“The members of the Municipal Retirement Board are always looking for innovative ways to save money and realize the best return on our investments,” he said. “Cost reductions of any amount ultimately benefit our taxpayers, and over time, the total savings we will realize from our participation in the commission recapture program will be significant. The Municipal Retirement Board is to be commended for its desire to explore new ideas and its willingness to participate in a program that for no additional investment has saved us money.”