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State pension funds post investment gains

HARTFORD, Conn. – While an actuarial analysis of Connecticut’s pension funds isn’t due until after the November election, state Treasurer Denise Nappier announced this week that the two funds posted net investment returns of more than 15 percent for the 2014 fiscal year.

The State Employees’ Retirement Fund saw returns of 15.62 percent and the Teachers’ Retirement Fund saw returns of 15.67 percent. That exceeded the actuarial investment assumption of 8 and 8.5 percent.

Investment gains totaled $3.8 billion and after combined net withdrawals of $760.4 million, including benefit payments, fees, and expenses, the two pension funds jointly had a total value of approximately $26.7 billion as of June 30 — a net increase of $3.06 billion over the previous fiscal year that ended June 30, 2013.

“These two pension funds — representing 91 percent of the state’s pension and trust fund portfolio — profited handsomely from the market’s performance, ” Nappier said in a press release.

See the complete story at CT News Junkie.

Comments

5 responses to “State pension funds post investment gains”

  1. Piberman

    Isn’t the “real story” CT’s continued dreadful unfounded liabilities and below market gains rather than the Governors “puff piece” ?

  2. John Hamlin

    You are absolutely right. This is almost irrelevant compared to the atrocity being committed on CT’s economy by this governor. He inherited a mess, but also a supermajority in the legislature to fix it. He have away the store to the public employee unions. But his corrupt bargain with them will pay off — they will make sure he is reelected.

  3. Oldtimer

    “He gave away the store to the public employee unions” ?
    “they will make sure he is reelected ” ?
    Two interesting opinions laying the foundation for excuses when Foley does not get elected. The unions would love to have the control over the voting public that Mr Hamlin ascribes to them and to have the store he thinks was gifted to them. Foley would love to have real support from the Republican rank and file beyond already declaring who to blame when he loses.

  4. Pibermanfmc

    The state’s public unions enthusiasm for Democrats dates back decades and no group has more political clout in CT than its public unions. Similarly the Democrats have held a super-majority in the Legislature for more than a decade. And it’s the Legislature that passes state budgets. No one expects Democrats to loose their super majority. Which really means it takes much more than a Republican Governor to improve CT’s circumstances. The “smart monies” see CT as a Democratic state long into the future. Which is why the campaign doesn’t elicit much interest. Even among NON readers.

  5. One and Done.

    Read the rest of the article. The pension funds are only at 42% and 55% of funding required. 80% is healthy. .
    .
    This is why our debt rating is in the toilet. Future generations will be paying massive interest payments instead of money on things like fixing roads and bridges.
    .
    Taking a victory lap for a 15% annual return is a joke. The broader equity indexes are all up well over 20%. She could have done better with the portfolio throwing darts a list of stocks and bond funds.

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