Rhode Island’s pension fund declined by about six percent over the last fiscal year. That’s according to the state Treasury Department, which reported losses of about $466 million dollars. Most of the decline came from the payout of pension benefits, which outpaced contributions. State Treasurer Seth Magaziner said investment losses were another source of the decline.

“The next several years, we’re going to continue to see large costs,” said Magaziner ”but the problem shall improve gradually over time. And in the meantime, we have to do the best we can on the investment side”

Magaziner said he’ll focus on improving the fund’s investment strategy. The state pension fund is currently worth more than $7 billion dollars. Magaziner said that’s more than enough to meet current payout obligations.