Connecticut Retirement Plans and Trust Funds, Hartford, achieved an estimated 11.49% investment return for the fiscal year ended June 30, confirmed David Barrett, a spokesman for Treasurer Denise Nappier, the pension system's principal fiduciary.
The investment return, net of expenses, is a preliminary figure. Audited results should be available in August, Mr. Barrett said in an interview.
The Connecticut Retirement Plans and Trust Funds is composed of six state pension funds and nine state trust funds. It had $25.9 billion in total assets by June 30, up from $24 billion a year earlier, according to a news release issued by the treasurer's office late Thursday afternoon. The pension system had a return of -0.9% for the fiscal year ended June 30, 2012.
The 11.49% estimated return exceeded the 8% actuarial investment assumption for the State Employees' Retirement Fund and the 8.5% actuarial investment assumption for the Teachers' Retirement Fund, the two largest pension funds representing about 92% of the Connecticut system's aggregate assets.
“We got an extra lift from quite favorable market conditions during a good portion of fiscal year 2013, as compared to the previous year,” Ms. Nappier said in the news release. “We also are reaping the rewards of having remained vigilant in down markets … and our long-term risk adjusted returns reflect that vigilance.”
The news release said the fiscal-year performance was paced by its domestic equity securities and international developed market securities, with preliminary returns, respectively of 21.2% and 22.6%.