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PROVIDENCE – The Rhode Island pension fund has lost roughly $500 million of its value since President Donald Trump launched his trade war, according a top aide to state General Treasurer James Diossa.

While the plunge in value presents no immediate danger to the state's commitment to pay retired public employees across the state their anticipated benefits, Diossa's policy and intergovernmental affairs director, Robert Craven, told The Journal the greater threat is a "prolonged economic decline."

"The market has had an overwhelmingly negative reaction to President Trump’s decision to implement sweeping tariffs and provoke a trade war," Craven said Monday, after the close of the stock market.

"As a result, the value of the state pension fund has declined approximately 4.5% so far this month, about a $500 million reduction, from an estimated $11.5 billion to about $11 billion in total assets," he said, with first-quarter earnings still being finalized.

How will the state respond?

No major changes are contemplated at this point in the state's investment strategy and allocations, and the treasurer "remains confident in the state’s current asset allocation, previously adopted by the State Investment Commission and specifically intended to protect against market volatility through a diversification of assets," Craven said.

But Diossa "expects market volatility to continue if the president continues his tariff policies," he said.

"The State of Rhode Island owes a duty to current and future retirees. To ensure that benefit obligations are met, the treasurer and State Investment Commission will continue to monitor the economic impact of President Trump’s tariff policy and assess the fund's asset allocation."

Will the loss affect when pensioners will get cost-of-living increases?

The most immediate impact in Rhode Island is likely to be felt by the retirees who have been fighting to win back the annual "cost-of-living" increases that were pared back during the dramatic 2011 cost-cutting pension overhaul championed by then-state General Treasurer Gina Raimondo.

Some of those benefits have already been partially restored.

Rep. Patricia Serpa, the retired public school teacher who has been fighting for them, announced last week that she planned to introduce legislation this week to restore more of their reduced benefits,

With the state once again facing a string of deficits, and House Speaker K. Joseph Shekarchi trying repeatedly to dampen expectations of any new expenditures, the retirees' chances of a multi-multimillion dollar benefit restoration were already slim.

Last year, the retirees demanded "immediate reinstatement of [an] annual 3% compounded cost-of-living allowance for all retirees regardless of retirement date," using whatever steps are necessary to pay for it, including the issuance of a "pension obligation bond."

A 2024 report pegged the taxpayer cost of resuming the payment of annual cost of living adjustments − aka COLAs – at anywhere from $53.3 million up to $169.2 million a year, on top of the $544.3 million in state and local dollars that were already required.

The plunge in pension fund value has not helped the retirees' case.

PROVIDENCE – Pope Francis has appointed Most Reverend Bruce Alan Lewandowski, C.Ss.R., as the 10th Bishop of Providence, the Diocese of Providence announced Tuesday morning.

Bishop Lewandowski is currently serving as an auxiliary bishop of the Archdiocese of Baltimore.

He replaces Bishop Richard G. Henning, whom Pope Francis named Archbishop of Boston in August.

The diocese will host a press conference with the new bishop at 10 a.m.

Bishop Lewandowski will celebrate Holy Mass in the Cathedral of Saints Peter and Paul at noon.

Bishop is fluent in Spanish

Bishop Lewandowski, 57, is a native of Toledo, Ohio, and grew up on a farm with four siblings.

He was ordained a priest in May 1994 and is a member of the Congregation of the Most Holy Redeemer, a religious order known as the Redemptorists, according to biographical information provided by the diocese.

In his first assignment, Bishop Lewandowski was an associate pastor of Saint Cecilia Parish in East Harlem.

Bishop Lewandowski is fluent in Spanish and is a brother to Sister Mary Francis Lewandowski, CSSF; Paula Chupp (James); and Joseph Lewandowski.

En Español

Pope Francis has named Bishop Bruce A. Lewandowski, C.Ss.R., as the new bishop of the Diocese of Providence, R.I. The appointment was publicized in Washington April 8 by Cardinal Christophe Pierre, apostolic nuncio to the United States.

Bishop Lewandowski has served as auxiliary bishop of the Archdiocese of Baltimore since 2020. He will be installed as bishop of Providence May 20. As the 10th bishop of the diocese, he succeeds Archbishop Richard G. Henning, who became archbishop of Boston in October 2024.

Baltimore Archbishop William E. Lori said, “Although we shall all keenly miss the presence and ministry of Bishop Lewandowski in our midst, it must be said that Pope Francis could not have chosen a better bishop for the Diocese of Providence. Throughout his service here in the Archdiocese of Baltimore, Bishop Lewandowski served the People of God with zeal, fidelity, and love.”

Bishop Lewandowski, 57, a Redemptorist priest originally from Ohio, first came to the archdiocese in December 2016 to serve as pastor of Sacred Heart of Jesus/Sagrado Corazón de Jesús Parish in Highlandtown. Pope Francis named him as an auxiliary bishop of Baltimore in the midst of the coronavirus pandemic, and he was ordained to the episcopate Aug. 18, 2020.

Archbishop Lori said, “As auxiliary bishop, he preached the Gospel far and wide with zeal and effectiveness, greatly strengthened ministry to and among our growing Hispanic community and effectively conducted the Seek to City to Come parish realignment process, and much more. Fluent in Spanish and Portuguese, Bishop Bruce will bring his many gifts, his energy and his pastoral heart to the People of God in the Providence Diocese.”

Bishop Lewandowski serves as vicar for Baltimore City and vicar for Hispanic Catholics in the archdiocese. He has led the Seek the City to Come planning initiative to reimagine the Catholic faith in the parishes in the city, amid population loss, decreased Mass attendance and significant costs in deferred maintenance. He participated in dozens of meetings during the two-year process, listening to the concerns of the people who would be affected by the plan.

He was instrumental in bringing services to the community in East Baltimore in the early days of the pandemic, including working with the Baltimore City Health Department and the Johns Hopkins Hospital to provide testing clinics and eventually vaccinations.

“There is so much I love about the Church of Baltimore,” Bishop Lewandowski said. “I will especially miss the Hispanic community. From the start, they welcomed me as one of their own. We’ve been through so much together. It will be hard to leave them.”

He noted that he is grateful for his time in the archdiocese. “Archbishop William Lori’s friendship and guidance these past years have truly been a blessing. I am grateful to him and to Bishop Adam Parker. They are wonderful shepherds, and I have benefited from their wisdom.

“In countless ways, the people of the archdiocese have blessed my life; I will carry Baltimore with me in my heart and in my prayers,” he said. Archbishop Lori expressed his support as well, saying, “On a personal note, let me say how much I have enjoyed working closely with Bishop Bruce. His friendship, his knowledge of the archdiocese, and his love for its people, coupled with his religious charism and wise judgment have been invaluable. I know he goes to Providence warmly supported by the prayers of clergy, religious, and laity throughout the Archdiocese of Baltimore.”

Ordained to the priesthood in May 1994, Bishop Lewandowski grew up on a farm in Lima, Ohio. Before arriving in Baltimore, he served as a priest, pastor and vicar in New York, the West Indies and Pennsylvania. He attended St. Mary’s High School Seminary in Erie, Pa.; St. Alphonsus College in Suffield, Conn.; and the Washington Theological Union in Washington, D.C.

Home to a growing number of Hispanic Catholics and parishes that offer Mass in Portuguese, the Diocese of Providence serves all of the state of Rhode Island with more than 160 churches, schools and other ministries. It was established by Pope Pius IX in 1872.

Also read:

Highlandtown cheers as ‘Padre Bruce’ becomes Bishop Lewandowski

Bishop Lewandowski’s formative years colored by rural pursuits

Bishop Madden will step down as urban vicar, Bishop Lewandowski to succeed him

Bishop Lewandowski blesses Preakness festivities, offering invocation at Alibi Breakfast

Make Jesus’ ‘Gospel friendship’ the heart of Catholic social ministry, says Baltimore’s Bishop Lewandowski

Ordination Mass for Bishop Lewandowski recalls Redemptorist saints

Emotional Bishop-designate Lewandowski considers selfishness versus sacrifice at vespers

To view more photos of Bishop Bruce Lewandowski, click through the slideshow below:

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PROVIDENCE – Get ready for a dreary week.

Rain, cool, even cold, temperatures and strong winds are in the forecast for much of the week.

"Waves of low pressure tracking along a stalled frontal boundary to the south will bring periods of rain and high elevation snow today, with spotty light rain, snow or drizzle tonight," the National Weather Service says in its forecast discussion. "Then a strong cold front sweeps through the region late tonight and Tuesday morning, followed by blustery and cold conditions Tuesday into Wednesday. Warming up toward the end of the week, but turning unsettled again with showers at times, which will likely linger through next weekend."

Expect rain showers today and high near 41 in the Providence area.

Tuesday looks partly sunny with a high near 44 degrees, but the temperature will drop later in the day "with wind chills falling into the upper teens and 20s by day's end," the weather service says.

A west wind will gust up to 31 mph, and the temperature will drop to about 27 degrees overnight, the weather service says.

Cool and windy conditions will continue on Wednesday, though it won't be as gusty as Tuesday. The high should reach 47 in Providence, but the wind will make it feel colder, according to the weather service. The wind will subside after sunset, but that will support "radiational cooling conditions and another night of lows in the 20s," the weather service says.

Thursday should improve with mostly sunny skies and a high near 52, while Friday brings a chance of showers a high near 54.

What can we expect for the weekend?

Here's what the weather service says about the weekend: "Guidance remains in good agreement heading into next weekend as a deep trough stretching from the Great Lakes to the Florida Panhandle reaches the East Coast. This will bring continued wet and unsettled weather to the region next weekend. However, with this system being a week out, details remain uncertain, as the pattern could easily change between now and then."

EAST PROVIDENCE – History lovers have a rare opportunity to live in one of Rhode Island’s oldest homes.

With an estimated construction date of 1724, the four-bedroom Philip Walker House in East Providence is available to rent for $2,900 a month.

The historic preservation society Preserve Rhode Island has owned the property at 432 Massasoit Ave. since 1984, and over the years it has poured hundreds of thousands of dollars into restoration, fortifying the house’s structural integrity and adding modern conveniences.

“It’s a unique opportunity, and it’s in the best condition now,” said Paul Trudeau, the nonprofit’s director of preservation. “It’s a pretty hefty investment to keep this building in its best shape, so we are focusing now on getting it to a state where it’s a nice place to live.”

Preserve Rhode Island plans to use the rental income to help recoup its investment in the property.

For additional preservation opportunities, the Newport Restoration Foundation and the Providence Preservation Society both have programs for community members to help steward historic properties.

What renovations have been done to the house?

The original house was a four-room building with a chimney jutting out of the center – an important feature for cooking and providing heat.

“That original square plan was a pretty straightforward floor plan at the time,” Trudeau said.

For years, under Preserve Rhode Island’s stewardship, the house was essentially a research site, where architectural historians and students studied its structure and materials, often opening up the walls to do so. It was only in 2003 through dendrochronology – a method of assessing age through tree rings – that a research team figured out that Walker House was constructed in the early 18th century, and that their previous estimates had been incorrect.

Although valued for its educational gains, the invasive nature of the research compromised the house’s livability. The preservation group first started renovations in 1990, mostly focusing on the building’s exterior. In 2008, they redid the house’s plumbing and HVAC systems, updating the kitchen and bathroom.

More recently, Preserve Rhode Island partnered with Shantia Anderheggen, who owns the firm Preservation Strategies, on a rehabilitation project that focused on the interior details. The work wrapped up last month and included cleaning, painting, treating floors, carpentry repairs, plaster and drywall repairs and installing a new custom mantle around the central fireplace that had previously been damaged.

What is the history of the Philip Walker House?

The Walker House was originally thought to have been constructed in 1679 on top of the foundation of a house that burned down during King Philip’s War. The property once encompassed 96 acres of farmland, but spans 1½ acres today. Details about its construction are limited, but the house is named after a prominent landowner from that era, Philip Walker.

“He had 10 children. He was a farmer. He worked as a weaver and a sawmill proprietor. He was the deacon of the church here. He had a lot of things going on,” said Trudeau. “By the late 17th century, he had a pretty sizeable estate.”

Walker House is considered a significant architectural heritage site in Rhode Island, as one of the few surviving houses from the period when classical forms of Georgian architecture were first introduced. The house still has many of its early Georgian facets, including the chimney breasts, paneled doors and door frames, mantelpieces and finishing materials, such as plasterwork and flooring.

The house was added to the National Register of Historic Places in 1972. It was inhabited by descendants of Philip Walker until Faith Shedd Potter deeded the property to Preserve Rhode Island in the 1980s.