The two largest pension funds in Connecticut, representing 91 percent of the state”™s pension and trust fund portfolio, posted higher-than-expected returns this past fiscal year.
The retirement funds for teachers and state employees had net investment returns of 15.67 percent and 15.62 percent, respectively, for the fiscal year ending June 30. Returns were projected to be 15.25 percent and 15.41 percent.
The market value of the pension assets for the teachers fund and state employees fund was about $16.2 billion and $10.5 billion, respectively, as of June 30. Investment gains totaled $3.8 billion. The two pension funds have a total value of $26.7 billion as of June 30 ”” a net increase of $3.06 billion over the year.
The funds have hit double-digit investment returns for four of the past five fiscal years, Denise L. Nappier, state treasurer, said in a statement.
“The soundness of our strategic, diversified approach to portfolio design has enabled us to achieve returns that approach double their actuarially assumed rates of return,” Nappier said.
