Treasurer Russell Releases Annual Report Highlighting Investment Returns, Taxpayer Savings, and Other Agency Accomplishments
Hartford, CT – Connecticut Treasurer Erick Russell has released the Office of the Treasurer’s Annual Report, providing updates on the work of the agency during the past fiscal year including several noteworthy achievements and improvements.
"In Fiscal Year 2024, the Treasurer’s Office made significant investments on behalf of Connecticut taxpayers, grew the pension funds for retired teachers and state and municipal workers, reunited residents with millions of dollars in lost or abandoned property, and helped thousands of families save for college,” said Treasurer Russell. “This report details the important work done by the dedicated staff at the agency, and its impact on residents of our state now and for generations to come. I’m exceptionally proud of our role in shaping Connecticut’s future, and grateful to work with colleagues so dedicated to public service and professional excellence.”
The filing of the Annual Report is required by state law and includes details from each division within the Office of the Treasurer as well as programs and funds maintained by the agency from July 1, 2023, through June 30, 2024.
Highlights of the report include strong investment returns in the state’s pension funds. The full portfolio of funds and trusts administered by the office, including those for retired state workers and teachers, saw returns of 11.5%, adding approximately $7.5 billion in plan assets during the fiscal year. Reforms put in place in recent years to reallocate plan assets, mitigate risk, lower fees, and recruit and retain investment talent all contributed to the positive performance.
Connecticut’s first-in-the-nation CT Baby Bonds program completed its first year by welcoming over 16,000 enrolled children and investing $3,200 on their behalf. The financing solution that provided the seed money for an estimated 12 years of participants was recognized by The Bond Buyer as its “Innovative Financing Deal of the Year.” To spread awareness and encourage engagement, an ambassador program was launched in collaboration with community organizations across the state. The Internal Revenue Service granted charitable status to the Trust holding investments for the program, allowing for future partnerships with philanthropic donors to fund additional outreach, research, and wraparound services for participants and their families.
Other highlights include:
- Bond sales totaling over $2.2 billion were held to fund critical investments across the state, including the construction of schools and transportation infrastructure. Refunding of existing bonds saved taxpayers $61.6 million.
- $82 million in unclaimed property was returned to 44,065 rightful owners. Several improvements were made to streamline the return of funds and protect against fraud. While many small dollar claims are now automated, web site users can also see the exact amount available to claim in most cases and often complete the process without any paperwork. A new web address, CTBigList.gov, was established to enhance user trust and confidence.
- The Short-Term Investment Fund, which holds and invests cash for state and municipal governments, generated $37 million in additional interest earnings for accountholders beyond its investment benchmark.
- Over 200 municipal finance and investment professionals joined the Public Finance Outlook Conference in New Haven to learn about programs in the Treasurer’s Office impacting local governments and hear updates about the state and national economies.
- The Connecticut Higher Education Trust (CHET) added 17,384 new accounts, helping families save for future education expenses. Treasurer Russell serves as Trustee of CHET.
Each year, the Annual Report of the Office of the Treasurer is submitted to the Governor. An archive dating back to 2000 can be found on the agency’s website: portal.ct.gov/OTT.
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