More on states that can’t manage the promises of public employee pensions and put taxpayers at risk. Pure political incompetence! And dare we ask their excuse for only earning 0.35% in the last year Yikes, I did better than that🤑
Connecticut Treasurer Denise Nappier said the 0.35 percent return posted by the state’s $29 billion retirement system in the year that ended in June underscores the need to adopt more realistic investment assumptions. The teachers’ and state employees’ funds, Connecticut’s two biggest pensions, target an 8 percent annual return. Such retirement plans are being forced to re-evaluate projected investment gains that determine how much money taxpayers need to put into them, given record-low bond yields, slow economic growth and declining stock prices.
“If return assumptions are set at levels unlikely to be attained, it will be difficult to achieve them without pursuing high risk-investment strategies,” Nappier said in a statement Monday. “It is far more prudent to structure the portfolio based on what is achievable, rather than what is desirable.”
And remember, these are the types of bureaucrats who want to run your health care system.