Connecticut Retirement Plans and Trust Funds, Hartford, will launch “a full asset allocation and liability study” that will start in early 2011, according to a news release on the website of State Treasurer Denise Nappier, principal fiduciary for the pension system.
The results will “determine the merits of adjusting the asset allocation of each of the six state-sponsored pension plans,” Ms. Nappier said in the release. Further details were not provided.
Also in the release, the treasurer reported that the system produced an average net return of 12.88% for the fiscal year ended June 30, finishing the fiscal year with assets of $21.9 billion.
“The one-year investment return is a welcome recovery from the difficult market environment of the last several years and our pension funds' related performance setbacks,” Ms. Nappier said in the news release. “While we still have a ways to go, it takes the sting out of the dismal returns of (the fiscal year ended June 30, 2009) and demonstrates the resiliency of our pension fund investment program.” The pension system lost 17.3% during the 2009 fiscal year.
The best-performing categories in the just-ended fiscal year were emerging market equities, up 25.3%; high-yield bonds, 24.63%; emerging markets debt, 23.05%; and private equity, 17.32%, according to the news release.