GOP general treasurer candidate pledges greater scrutiny of RI pension system

In politics, having connections can sometimes be the easiest way to get something done. But the Republican nominee for general treasurer, Micholas Credle, says you shouldn’t have to “know a guy” to get answers about how Rhode Island manages its money.

Credle, who ran unopposed in the GOP primary, stood in the State House rotunda Wednesday, alongside other Republican candidates and a handful of retirees, and pledged to bring greater transparency to how the state oversees its pension investments and other financial initiatives.

“Answers should not depend on connections,” Credle said during a press conference that drew only two reporters. “Rhode Islanders should not have to guess what happened to their money, they shouldn’t have to chase documents or know somebody to know something.”

A retired U.S. Army officer who was born in North Carolina, Credle grew up in Illinois and Indiana, and moved to Rhode Island in 2019. But he said Wednesday that he considers himself a Rhode Islander nonetheless.

“I live here, I pay taxes, I serve here,” said Credle, who resides in Providence.

The first-time office-seeker then offered his own example of a “guy” whose record, he said, should prompt Rhode Islanders to ask questions.

“I know a guy who holds public office and has been entrusted with responsibility,” Credle said. “I know a guy whose public record has generated questions about transparency and the stewardship of public resources.”

When announcing his bid for a second term earlier in April, General Treasurer James Diossa said he had worked to “protect the financial future of all Rhode Islanders,” highlighting the growth of the state’s pension fund and other efforts to manage the state’s money. 

But Credle said Rhode Islanders deserve more than assurances about how their money is being managed.

“Open the books,” he demanded. “Release every record.”

Credle also challenged Diossa to debate him, saying the sitting office holder has declined to acknowledge his candidacy or answer his questions.

Diossa was seen outside the State House about 10 minutes after Credle left the building. Asked by Rhode Island Current whether he would debate his Republican opponent, Diossa replied only that his campaign strategy is “traveling the state interacting with the voters.” He declined to comment on Credle’s press conference.

Credle said greater scrutiny of the state’s pension system is needed because many retirees remain frustrated with the state overhaul more than a decade ago championed by then-General Treasurer Gina Raimondo and enacted by the General Assembly. The changes suspended the 3% annual cost-of-living increases retirees had received before 2011 and instead tied increases to the pension’s funding level, investment returns and inflation.

“This is a miscarriage of justice,” Sandra Marzilli Paquette, a retired special educator who helped found the Advocates for COLA Restoration and Pension Reform group, said in an interview after the press conference. “People cannot afford medications. People cannot afford heat. They cannot afford to fuel their cars.”

Pensioners received a one-time 2% COLA adjustment after a 2015 settlement. Subsequent changes to the COLA structure came in 2023 and 2024, with the latter providing a fully calculated annual COLA to retirees who retired on or before June 30, 2012.

Paquette said she and other members of her group are supporting Credle because she believes retirees need someone in the Treasurer’s Office who will listen to their concerns and examine the pension system’s finances.

“He is acknowledging the fact that what occurred in 2011 should not have occurred, and he is acknowledging the fact that when he is [in office], he is going to look into this,” Paquette said of Credle. “He is going to see what went wrong, what our assets are.”

Credle  has worked in executive compensation and described himself Wednesday as an educator and “financial student.” He has also served as chairman of the Ward 12 Republican City Committee in Providence.

Early voting begins Oct. 14 ahead of the Nov. 3 general election.