SVB collapse: Rhode Island pension fund to lose $2.5 million from bank collapse

Rhode Island iThe company is likely to lose $2.5 Million in the next year Pension fund Investing after two banks collapsed Last week.

The Rhode Island Employee Retirement System, a state-run investment fund that funds pensions for thousands retired state workers and municipal workers, had $2.6 million invested Silicon Valley Bank Signature Bank, based in New York. In recent days, both banks have failed.

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Parts of the $2.6million are also invested in Silvergate Capital and First Republic, two other struggling banks. These funds now amount to $185 535. These funds, however, are only a part of the $10.3 billion state pension fund.

“ERSRI has had exposure to most of these assets for number of years as part of the Russell 3000 index in the U.S. public equity area,” Michelle Moreno – Silva is a spokesperson for James Diossa General Treasurer. Telled WPRI-12 in an Email “We’re assuming that there is little value to the assets with the exception of First Republic which is still trading.”

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Monday’s announcement by federal regulators was that depositors will have access to their money via an emergency fund at both banks. President Joe Biden Although the federal government has said that it will not bailout banks, he stated that he would. guaranteed SV