Connecticut Pension Funds Soar: 10.26% Returns in 2024

State Treasurer Erick Russell has published the investment performance figures for the year 2024, showing that the Connecticut The Retirement Plans and Trust Funds, known as CRPTF, saw returns of 10.26%.

Russell indicates that the CRPTF is showing robust performance. The data from Fiscal Year 2024, published at the conclusion of the fiscal year in September, revealed an impressive return rate of 11.5%. Throughout the entirety of 2023, the CRPTF demonstrated even stronger growth with a yield of 12.8%.

Last week, Russell stated that robust investment outcomes will advantage both taxpayers and pensioners over the coming years and decades ahead.

RELATED: Erick Russell creates history by becoming the projected victor for State Treasurer.

By adopting an investment approach aimed at achieving long-term, risk-adjusted growth, Connecticut has achieved impressive financial outcomes," stated Russell. "These gains have accelerated our efforts to decrease pension liabilities and diminish the state’s ongoing expenses. Consequently, these savings can be redirected towards tackling the essential requirements of our citizens and strengthening our pension systems against current economic instabilities.

Recently implemented reforms have reallocated plan assets, mitigated risk, lowered fees and recruited and retained investment talent. This has contributed to the positive performance, according to Russell.

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In collaboration with the Investment Advisory Committee, Russell launched a fresh strategic asset allocation strategy aimed at optimizing returns over the long haul while maintaining an appropriate risk threshold.

Furthermore, Russell’s office has made important strides toward building a talented in-house investment team that is supported by legislation, allowing for greater flexibility in recruiting experienced investment professionals.

Russell spoke about the current state of national politics, committing himself to serve Connecticut’s inhabitants well.

RELATED: More than $1 billion will be allocated towards reducing Connecticut's pension debt.

"In light of federal trade and economic policies that are disrupting markets and increasing expenses for Connecticut residents, we stay committed to maintaining financial prudence and wise investment strategies that safeguard our pension funds and ensure the retirement security of Connecticut’s educators and other devoted public employees," Russell stated.

Recently, the performance of Connecticut’s pension funds has shown steady improvement. According to Russell, the 10-year returns currently average at 7.01%, which is just above their targeted rate of return.

Additional details and updates regarding the performance of the pension funds can be accessed through the monthly posts on the Office of the Treasurer’s website. website .

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Dalton Zbierski serves as a digital content producer and writer for FOX61 News. You can reach him there. dzbierski@FOX61.com .

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