Treasurer Russell Deposits
The Office of the Treasurer is led by State Treasurer Erick Russell, the only Black elected state treasurer in the country.
$608.2 Million
Volatility Transfer into State Pension Funds
Connecticut Treasurer Erick Russell announced on Tuesday that $608.2 million in excess revenues generated through the state’s volatility cap have been deposited into the pension funds for retired teachers and state workers following the certification of Fiscal Year 2024 data. At the Treasurer’s direction, $335.0 million has been deposited into the State Employees Retirement System (SERS) and $273.2 million has been deposited into the Teachers Retirement System (TRS). “These funds will be used to pay down debt and grow assets in the pension funds,” said Treasurer Russell. “Connecticut has taken huge steps to overcome the legacy of pension debt and financial mismanagement inherited by current taxpayers. This marks the fifth consecutive fiscal year that excess contributions have been made into funds in addition to the required annual payments. My office will immediately begin investing these funds with the intention of maximizing performance and building on our recent investment success. Strengthening the pension funds benefits all taxpayers by decreasing debt, lowering annual expenses, and upholding our obligations to retired public servants.” The deposits were divided between the two funds proportionally according to outstanding unfunded liability, resulting approximately in a 55%-45% split. The rationale and deposit amounts were communicated to labor leaders, as well as rank-and-file union members, via letter from Treasurer Russell last week. Later this year, another transfer will occur when the Fiscal Year 2024 operating surplus is certified. At that time, an estimated $327.6 million will also be deposited using the same proportional formula.
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