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“I feel very strongly that, just because (the rainy day fund) is there, we should not deplete it. While it's raining today, we don’t know how long the rain is going to last – or when it’s going to start raining again."
The two largest pension funds – the Teachers’ Retirement Fund and the State Employees’ Retirement Fund – saw their net market values grow by $1.5 billion and $1.3 billion, respectively.
After paying fees and expenses, the overall portfolio increased by more than $3 billion in value during the year.
The Connecticut Retirement Plans and Trust Funds owns a small portion of Tesla, which has been trying to win state approval to sell its cars in Connecticut for the past several years.
The Connecticut Retirement Plans and Trust Funds, which owns a part of the automaker, maintains conflicts of interest among other concerns.
The pension funds manage the assets for state and municipal employees, retirees and survivorships.