Denise L. Nappier, Connecticut state treasurer and principal fiduciary of the $34.2 billion Connecticut Retirement Plans & Trust Funds, Hartford, announced that she will not seek re-election this year.
When asked why she decided not to seek re-election, Ms. Nappier told a news conference that it is time for new blood and fresh ideas.
"During the remainder of my term, I will continue to do my very best to ensure effective financial management of the monies entrusted to this office, as I have done throughout my public career," said Ms. Nappier at the news conference.
Ms. Nappier was first elected in 1998 and is serving her fifth term as treasurer, the longest tenure in the last 200 years of the state. CRPTF's assets have increased to more than $34 billion from nearly $19 billion during her tenure. She helped create the Treasury Reform Act of 2000, which established greater transparency in pension investments.
CRPTF returned a net 14.2% in the fiscal year ended June 30 and 8.8% annualized over the past five years.
Ms. Nappier will have served for 20 years when her fifth term ends in January 2019. She was the first African-American woman elected to serve as a state treasurer in the U.S., the first African-American woman elected to a statewide office in Connecticut and the first woman elected treasurer in state history.