Connecticut

Pension fund assets for retired CT state employees and teachers up 14%

Published

3 months ago

March 10, 2026

Pension fund assets for retired CT state employees and teachers up 14%

Keith M. Phaneuf
| The CT Mirror

State Treasurer Erick Russell achieved a 14% increase last year investing Connecticut’s pension fund assets, gaining roughly $8.3 billion for retirement programs for state employees, teachers and other municipal workers.

The state, which oversees nearly $69 billion in pension assets, aims for an average annual return on pension investments of 6.9%.

Expectations for bigger gains grew throughout the past year as key stock market indices surged. The Dow Jones Industrial Average, an index of 30 prominent companies listed on stock exchanges, grew by more than 13% in 2025. And the S&P 500, which follows 500 traded companies, topped 16%.

Among peer states and other entities that manage public pension funds holding more than $10 billion in assets, Connecticut’s 2025 performance ranks in the top 17%, Russell said.

But the treasurer, who also announced this week he will seek a second term, said the latest big earnings stem from more than the big gains Wall Street enjoyed in 2025.

“Markets certainly have been strong, but a lot of this is about our overall asset allocation,” said Russell, who updated the Investment Advisory Council Tuesday on the state’s portfolio. “The progress we’ve been making … is a good sign that we’re set up for future success.”

Russell also reported investment gains of 10.3% for the 2024 calendar year and 12.8% for 2023.

State officials particularly have focused on improving investment returns since a May 2023 report from Yale University researchers found Connecticut’s results badly lagged the nation’s over the prior decade.

That only compounded an even larger pension problem that state officials began to address in the early 2010s. According to the Center for Retirement Research at Boston College, Connecticut governors and legislatures failed to save adequate for pension benefits for more than seven decades prior to 2011. This deprived the state treasurer of huge assets that otherwise could have been invested to generate billions of dollars in revenue over those seven decades.

The treasurer’s office under Russell has put more funds into private and domestic markets and curbed reliance on investment managers who receive large fees for their work.

Gov. Ned Lamont and the General Assembly also have greatly assisted efforts to bolster the fiscal health of pension programs in recent years. Since 2020, they have used $10 billion from budget surpluses to make supplemental payments into pensions for state employees and municipal teachers. That’s in addition to annual required payments that currently approach $3.3 billion in the General Fund.

“These returns highlight the impressive work of Treasurer Russell and his team in increasing investment returns,” Lamont’s budget spokesman, Chris Collibee, said Tuesday. “Gov. Lamont’s focus has been on building a sustainable Connecticut for the future. Every dollar in additional investment revenue is funds the state can use to cut taxes and provide more resources for essential programs like education, child care, housing, and social services safety nets.”

Russell, a New Haven Democrat, said he has tried to make the office both “disciplined and forward-looking.”

“Over the last several years, we haven’t just changed how the office works, we’ve changed who it works for. We’re ushering in a new era of fiscal responsibility, making significant payments on long-term debt that has allowed us to invest in the residents of Connecticut and begin to lift up communities across our state.”

Russell also brokered a key compromise in 2023 between Lamont and the legislature that salvaged the Baby Bonds program, an initiative that invests long-term funds in Connecticut’s poorest children when they’re born to help finance educational and business opportunities later in life.

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Connecticut

Night forecast for June 2

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2 hours ago

June 3, 2026

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Connecticut

How a carjacking in Connecticut led back to a man known as the crypto ‘Godfather’ in California

Published

12 hours ago

June 2, 2026

Press Room

How a carjacking in Connecticut led back to a man known as the crypto ‘Godfather’ in California

On a leafy Connecticut road in the summer of 2024, would-be kidnappers pulled a couple from their Lamborghini SUV, beat them in broad daylight and threw them into a van, only to be arrested shortly thereafter as multiple witnesses, including a passing off-duty FBI agent, called police.

The investigation would lead police to some sensational findings.

The attack turned out to be linked to a $245 million Bitcoin heist the month before involving the couple’s son. And this week, a California cryptocurrency mogul who authorities say called himself “The Godfather” and had previously hired off-duty sheriff’s deputies to strongarm his enemies admitted to orchestrating the attempted abduction to get a piece of the son’s stolen loot.

The California man, 25-year-old Adam Iza, pleaded guilty Monday to conspiracy to interfere with commerce by robbery. Federal prosecutors are seeking a prison term of at least 14 years when he’s sentenced.

Iza’s lawyer, William Paetzold, didn’t immediately respond to Tuesday phone and email messages seeking comment.

The case is part of an increasing trend worldwide of cryptocurrency theft spilling over to violence.

Nightclub fight spawns kidnapping plot

A month before the abduction attempt, one of Iza’s alleged co-conspirators got into a beef with the couple’s son, Veer Chetal, at a Miami nightclub, according to an FBI affidavit. The man, James Schwab, then told an acquaintance to rob Chetal and his friends at their Miami rental home, authorities said. It’s not clear if the robbery happened.

Schwab’s lawyers didn’t immediately respond to phone messages seeking comment.

Then came the Bitcoin heist. A few weeks after the nightclub fight, Chetal and two other men hatched an elaborate online scheme that involved impersonating technical support staff for Google and a cryptocurrency exchange. They managed to steal 4,100 Bitcoins — worth about $245 million at the time — from a Washington, D.C., resident, according to court documents.

The trio lived large after the theft, spending millions of dollars on cars, clothing, jewelry, rental mansions and nightclub parties before being arrested, prosecutors said. Chetal pleaded guilty last November and awaits sentencing, while the two other men have pleaded not guilty.

Iza and Schwab, meanwhile, came up with the idea to take Chetal’s parents hostage in a bid to snatch some of his ill-gotten riches, the FBI said, citing information from informants. Schwab and Iza’s brother, Saif Faiq, also were charged in the kidnapping attempt and pleaded not guilty.

They recruited six other men to go to Connecticut, paying for their travel and lodging, authorities said. A week after the Bitcoin heist, the group surveilled Chetal’s parents hours before the kidnapping, according to court records.

Abduction quickly goes awry

Sushil and Radhika Chetal were driving in the Lamborghini on Aug. 25, 2024, near Danbury High School when they were rear-ended by a car. A white van then pulled in front of the SUV and several men surrounded them, police said.

The men pulled the Chetals out of the SUV and forced them into their van, beating Sushil Chetal with a baseball bat and dragging Radhika Chetal by her hair. The couple were bound with duct tape and the van drove off, according to court documents.

After witnesses called police, officers soon spotted the van and a chase ensued. The van eventually crashed and four of the men got out and fled on foot but were arrested shortly thereafter. The other two men were later found at a home the group had rented in a nearby town. The Chetals were taken to a hospital and released.

The six men, all from Florida, have pleaded guilty in connection with the kidnapping. Two have been sentenced to 11 years in prison and the others await sentencing.

How the ‘Godfather’ went from a Bel Air mansion to federal charges

Before Iza’s arrest in the Connecticut case, he was under investigation by federal authorities in California for extorting money and property from victims in Los Angeles and elsewhere, court records show. He was charged in that case a month after the kidnapping and later pleaded guilty.

Iza, also known as Ahmed Faiq, was living in a mansion in the Bel Air section of Los Angeles, calling himself The Godfather while running a crypto trading company, Zort. While stealing millions of dollars and funneling it through shell companies, Iza spent freely on luxury cars and other extravagances, including cosmetic surgery to lengthen his legs, prosecutors said.

Beginning in August 2021, Iza paid around $100,000 a month for his personal protection to a private security firm founded by a Los Angeles County sheriff’s deputy that also employed other deputies, prosecutors said.

Iza, authorities said, hired off-duty deputies to act as enforcers against people with whom he had personal and business disputes. He used the deputies to extort, intimidate, set people up for arrest and abuse the legal process, prosecutors said.

The deputies used law enforcement databases to generate information about Iza’s enemies and obtained search warrants under false pretenses, authorities said. On one occasion, two deputies held a victim at gunpoint inside Iza’s home, pressuring the victim to transfer $25,000 to Iza’s bank account, prosecutors said.

When he pleaded guilty in that case in January, Iza also admitted to stealing more than $37 million by fraudulently accessing the business manager accounts of Meta Platforms, owner of Facebook, and their lines of credit from 2020 to 2022. He awaits sentencing after pleading guilty to wire fraud, conspiracy against rights and tax evasion.

His attorney in California, Josef Sadat, declined to comment Tuesday.

Several deputies also were charged in the investigation.

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Connecticut

Where to watch Connecticut Sun vs Atlanta Dream on June 2: TV channel, start time and streaming

Published

22 hours ago

June 2, 2026

Press Room

The WNBA has returned with a brand new collective bargaining agreement and a league full of loaded rosters as the 2026 season tips off.

A rookie class headlined by Dallas Wings top pick Azzi Fudd, Minnesota’s Olivia Miles and Washington’s Lauren Betts is ready to make a mark in the pros while the defending champion Las Vegas Aces look to keep their dynasty alive with a fourth title in five years.

As the the season gets going under a new media rights deal, it can be tough to figure out which channel each team is playing on every night. Here’s everything you need to know to tune in when the Atlanta Dream host the Connecticut Sun on Tuesday.