# City of Newport

City of Newport is a Pension Fund based in Newport, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Newport, United States
- **Region:** North America
- **Address:** Newport, RI, United States
- **Assets under management:** ~$242M (Altss estimate)
- **Website:** cityofnewport.com

## Regulatory record

- **Reports private funds:** No

## About

The City of Newport administers retirement benefits through four separate pension plans, including the Employees' Retirement System and the Municipal Employees' Retirement System. The Trust and Investment Commission, chaired by Patrick Sheerin and including members Harry Elkin, David Galvin, and Ken Nomiyama, oversees investment policy alongside Finance Director Richard Nolan. The Commission reports administratively through the city's finance department, with Mayor Charles M. Holder serving as Council Chair—a governance structure typical of Rhode Island municipalities where elected officials retain ultimate fiduciary authority. The portfolio is anchored by allocations to income-producing real assets. Direct and indirect holdings include Massachusetts and Connecticut. The natural-resources sleeve features a commitment to Hancock Timber Resource Group, specifically via Hancock Timberland XI, a pooled vehicle acquiring and managing working forestlands across North America. The fund does not appear to maintain significant allocations to traditional private equity or hedge fund strategies based on available public record. The Altss internal estimate places total assets for Newport's pension pool at approximately $242 million, a figure that comprises the city's four plans and the related OPEB Trust Fund assets. This scale positions Newport's retirement system among the smaller municipal funds in New England—an institutional investor in its local context but well below the threshold where direct co-investment programs or dedicated internal investment staff become typical. September 2021: The City received an audit report confirming its compliance with GASB 68 accounting standards for pension liability reporting—an operational marker of continued fiscal stewardship. The fund's structural differentiator lies in its consistent real-asset concentration.

## Sectors

- Real Estate
- Timber

## People

- Patrick Sheerin — Chair of the Trust and Investment Commission
- Richard James Nolan — Finance Director
- Harry Elkin — Member of the Trust and Investment Commission
- David Galvin — Member of the Trust and Investment Commission
- Ken Nomiyama — Member of the Trust and Investment Commission
- Charles M. Holder — Mayor and Council Chair

## Questions

### Who runs investment decisions at the City of Newport pension plan?

A volunteer Trust and Investment Commission, chaired by Patrick Sheerin, sets asset allocation and manager selection policy. Day-to-day administration falls under Finance Director Richard Nolan and his department. The Commission includes appointed members Harry Elkin, David Galvin, and Ken Nomiyama, with the Mayor ex officio—a governance model where local appointees, not outside consultants, drive strategy.

### How many separate pension plans does the City of Newport maintain?

Four distinct plans serve Newport's municipal workforce, encompassing the Employees' Retirement System and Municipal Employees' Retirement System among others. An OPEB Trust Fund covers retiree health benefits separately. The total assets across all combined plans are estimated at roughly $242 million (Altss estimate).

### How does Newport's pension fund compare to other Rhode Island municipal plans?

At roughly $242 million, Newport's combined retirement assets are modest relative to the state-level Employees' Retirement System of Rhode Island, which manages several billion dollars. The plan's urban-coastal tax base and GFOA reporting discipline distinguish it from smaller inland municipal funds, but its scale still precludes the dedicated internal investment staff and direct co-investment programs seen at larger public plans.

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- [Brooklyn Law School](https://altss.com/profile/brooklyn-law-school-bls)
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Last updated: 2026-08-11T02:43:31.692Z

Canonical page: https://altss.com/profile/city-of-newport

Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology