The Pension Funds Management Division (PFM)
executes the investment programs of the Connecticut Retirement Plans
and Trust Funds (CRPTF), which consists of six State Pension Funds
and nine State Trust Funds.* As principal fiduciary of the CRPTF,
State Treasurer Shawn T. Wooden is responsible for managing the
invested assets for approximately 212,000 state and municipal
employees, teachers, retirees and survivorships who are pension plan
participants and beneficiaries as well as for trust funds that
support academic programs, grants, and initiatives throughout the
Prudent investment management requires the proper
safeguarding of the CRPTF assets to ensure the retirement security
of the beneficiaries and the spending policies of the pension and
trust funds. The Division's professional operations are conducted
through three units: Risk Management; Investment Oversight,
Accounting and Control; and Performance and Analysis.
professional staff of PFM constructs separate investment portfolios
for each of the state pension and trust funds, collectively referred
to as the Combined Investment Funds. Working with the State
Treasurer and as staff to the Investment Advisory Council (IAC) -
the body charged by state law with the responsibility for providing
oversight - the division analyzes plan liabilities - recommending
asset allocation policy and recommending, monitoring, and reporting
on the investment advisors retained to invest the State's pension
and trust assets.
PFM investment professionals assist
Treasurer Wooden in the development of investment policy and monitor
the performance of the CRPTF's external money and investment
managers, who are responsible for managing the portfolio underlying
each Combined Investment Fund, and external consultants.
Treasurer is directed by the Connecticut General Statutes, with the
advice and consent of the IAC, to appoint a Chief Investment Officer
and also may appoint a Deputy Chief Investment Officer and Principal
Investment Officers. The division's investment officers and other
internal division resources, are augmented by several outside
consulting firms that provide specific research and analytical
expertise. Bank of New York, as the custodian of record for the
CRPTF, retains physical custody of, safeguards, and provides record
keeping services for plan assets under the supervision of PFM staff.
Office of the Treasurer invests and safeguards the assets on behalf of the
State Employees' Retirement Fund, Teachers' Retirement Fund, Municipal
Employees' Retirement Fund, Probate Court Retirement Fund, State Judges'
Retirement Fund, State's Attorneys' Retirement Fund, Soldiers' Sailors' &
Marines' Fund, Endowment for the Arts, Agricultural College Fund, Ida Eaton
Cotton Fund, Andrew Clark Fund, School Fund, Hopemead Fund, Police and
Fireman's Survivors' Benefit Fund and State of Connecticut Other
Post-Employment Benefits Trust Fund.