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

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


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%.

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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. 

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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.” 

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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.

Keith M. Phaneuf is a reporter for The Connecticut Mirror (https://ctmirror.org). Copyright 2026 © The Connecticut Mirror.



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Connecticut

Man charged with murder in death of Duxbury, Massachusetts woman in Connecticut home

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Man charged with murder in death of Duxbury, Massachusetts woman in Connecticut home


A man has been arrested for murder in connection with the death of a Duxbury, Massachusetts woman, months after her body was found in a Connecticut home under suspicious circumstances. 

This week, the Connecticut Office of the Chief Medical Examiner determined the cause of death for Janina Brooke Murphy to be blunt force injury of head and the manner, homicide.

Janina Brooke Murphy

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Family photo


On Tuesday, Connecticut State Police arrested 28-year-old Cole Werhan of Burlington, Connecticut and charged him with murder. 

Brooke Murphy, as she is referred to by her mother, was found at the bottom of a staircase in March inside the Burlington, Connecticut home where she was living. At the time, Connecticut State Police called the 26-year-old’s death suspicious.

“Another detective got on the phone. He said, ‘I want you to know something. Your daughter didn’t just fall down the stairs. She had wounds all over her,’” Brooke’s mother, Beth Murphy, told WBZ. 

Murphy said her daughter and Werhan were dating, and she is determined to seek justice. “It’s confirmed, it wasn’t an accident. So that part, really, that’s tough,” Murphy said.

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Cole Werhan

Cole Werhan was arrested and charged with murder in connection with the death of Janina Brooke Murphy in Burlington, Connecticut

Connecticut State Police


Murphy described her daughter as kind and artistic. 

“So many people said she was my best friend. Like, pretty much everybody said Brooke was my best friend. She had a heart of gold,” Murphy said.

Brooke Murphy’s 27th birthday fell on June 17. Connecticut State Police said they are continuing to actively investigate the circumstances surrounding her death.

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Werhan was held on a $5,000,000 cash bond and is scheduled to appear in Torrington Superior Court in Connecticut on Wednesday morning. 



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Merrill Recruits Morgan Stanley Branch Manager for Connecticut Market

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Merrill Recruits Morgan Stanley Branch Manager for Connecticut Market


Merrill Lynch has hired a veteran Morgan Stanley manager to help oversee branches in Connecticut, western Massachusetts and portions of New York. 

Jairzinho “Jazz” Skair joined Merrill as a market manager overseeing offices in Hartford, New Haven, Springfield, Glastonbury, West Hartford, Farmington, Mystic, Guilford, Southbury and Ridgefield, a Merrill spokesperson confirmed. He reports to Central Shoreline Connecticut Market Executive William Cholawa, who returned to the thundering herd in 2024 after around a decade at UBS. 

Skair had most recently been a branch manager for Morgan Stanley in Hartford, according to his LinkedIn. He had started his career in the legal department at UBS Wealth Management USA in 1998 and served in a number of finance, sales and management roles, including branch manager in Westport, before joining Morgan Stanley in 2023. 

“I had the opportunity to work closely with Jazz during my time at UBS and saw firsthand his passion for coaching, developing people, and driving results,” Cholawa said in a LinkedIn post announcing the hire. “He is a servant leader who believes in being Authentic, Present, and Useful, and those principles are reflected in the way he leads and supports others.”

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A Morgan Stanley spokesperson did not immediately return a request for comment. 

Merrill and its wirehouse peers have been shuffling and poaching field leaders as they seek to bolster recruiting in an increasingly competitive market. 

To that end, Merrill said it had hired two father-son teams with a combined $560 million in client assets. Both joined on June 17. 

Roy Savarick and his son, Evan, joined Merrill from Wells Fargo Advisors where they managed around $280 million in assets, according to the Merrill spokesperson. They generated around $2.3 million in annual revenue. 

The elder Savarick, a 44-year industry veteran, is based in the firm’s Florida Tropics market led by Jason Edelmann. Evan, who has 12 years of experience, works in New York City from Merrill’s Park Avenue office led by Joe Doonan. They had joined Wells in 2022 from Morgan Stanley, according to BrokerCheck records. 

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Separately, Brandon K. Pribyl and his sons, Tobey and Bailey, joined Merrill from Baird Private Wealth Management. They had around $280 million in assets and are based in Davenport, Iowa, according to the spokesperson.

The team, which generated around $1.9 million in annual revenue, is part of the Mid Land Market led by Will Cohen. The senior Pribyl had spent the first decade of his career at Merrill. He was not registered between 2009 and 2016 when he joined with Baird, according to BrokerCheck.
(Updated with clarification on the market manager role.)



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Report: CT schools among the most segregated in the U.S.

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Report: CT schools among the most segregated in the U.S.


A nationwide study released Monday by Brown’s Promise and The Segregation Tracking Project identified Connecticut as one of the most segregated states in the country.

The study used data from the 2023-24 school year, the latest available, to measure both economic and racial segregation in each state. Researchers found Connecticut had the sixth-highest level of economic segregation and 11th-highest level of racial segregation in the U.S. It also ranked third-worst for “poverty packing,” the practice of cramming low-income students into specific districts while higher-income students attend school just across district lines.

According to those results, Connecticut in 2024 was more segregated than Alabama, home of the famous Montgomery bus boycott, or Kansas, the point of origin for Brown v. Board of Education. The numbers remain high despite a slight overall reduction in both racial and economic segregation in the Nutmeg State over the past decade.

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Nationally, researchers said, the results reflect a troubling long-term trend: Seventy years after Brown, school segregation remains high, and little to no progress has been made in reducing it.

“This should be a wake-up call for education leaders and advocates in every state, even those with top-ranked public schools,” said Ann Owens, a sociology professor at UCLA and co-leader of the Segregation Tracking Project.

Interpreting the numbers

The study scored states according to a “segregation” index, or a number representing how student enrollment is balanced around race and income. A score of 0 means no segregation — individual schools reflect their state’s overall demographics perfectly. Conversely, a score of 1 means students of a particular demographic are only exposed to other members of that demographic in their schools — complete segregation.

Connecticut’s racial segregation index of 0.42 indicates that, on average, white students attend schools 42% whiter than schools attended by non-white students. In other words, white students are concentrated with other white students, disproportionate to state’s overall demographics — a sign of strong segregation.

Although the state’s racial segregation index steadily decreased from the late 1990s to the mid-2010s, it has plateaued over the past decade.

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“I would hypothesize that demographic changes and student assignment policies play a role,” Owens said. “[The] expansion of charter schools, expiration of mandatory desegregation orders, reduced commitment to integration policies — all could explain stalled progress.”

The state’s immediate neighbors also showed high levels of segregation, with New York topping the list for racial segregation. The northernmost New England states fared better, with Vermont in particular standing out for having extremely low levels of both racial and economic segregation. However, Owens noted that it’s possible this is more a product of lower population density than a particular set of policies to encourage integration.

Less dense places often have fewer schools, creating fewer opportunities to segregate, Owens said.

“More choice — whether it’s a state carved up into more, smaller districts or more school options within a district — tends to lead to segregation,” she said.

And, she added, if low-scoring states like Vermont are less diverse, it could obscure segregating behaviors like white avoidance.

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Segregation is not a new conversation in CT

Sen. Doug McCrory, D-Hartford, said nothing in the report came as a surprise to him.

“Living in Connecticut all my life, we already know … we have some of the most segregated schools in the country,” said McCrory, who co-chairs the General Assembly’s Education Committee.

McCrory said he doesn’t think the state ever responded appropriately to the principles set forth in Brown v. Board of Education. There have been efforts to integrate, but those have been voluntary — and, judging by the numbers, insufficient.

“People don’t decide to place their children in a, quote-unquote, integrated setting. They’re not required to, so we have what we continue to have today,” McCrory said.

Connecticut Association of Public School Superintendents Executive Director Fran Rabinowitz said she also wasn’t surprised about the results of the report. Part of the issue, she said, is that the state has a different school district for each town.

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“We’re not regionalized in any way, shape or form, which many states are,” Rabinowitz said. “You pull together maybe seven or eight or 10 of those districts … you would certainly cut down” on the lack of integration.

But both Rabinowitz and McCrory said that idea has proven politically radioactive in Connecticut.

“Those conversations get shut down immediately,” McCrory said. “This is a Connecticut issue where people just feel their local rights will be hampered if you have to work in a collaborative space … If you bring in the concept of race and income, it gets even more complicated.”

Rabinowitz said she remembers a 2019 effort by the General Assembly to merge the Norwalk and Wilton school districts. It did not go over well.

To address segregation, Connecticut has instead favored policies to promote voluntary integration, as in the landmark Sheff v. O’Neill case. In Sheff, the state Supreme Court found that predominantly Black and Hispanic students living in Hartford enjoyed far fewer educational resources and opportunities than their white peers in neighboring towns. The case led to the creation of a new magnet school system to encourage voluntary integration across district lines. 

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As it happens, Brown’s Promise cites the Sheff agreement as an example of a potential policy solution to segregation nationwide. However, the organization also acknowledges the drawbacks of Sheff: namely, that there aren’t enough seats for every student to attend the school of their choice, and that Hartford’s neighborhood schools — which still serve hundreds of students each — remain severely under-resourced.

The way to avoid that, the organization suggests, is “to instead redraw district lines altogether.” But that would mean imposing the very regionalization Connecticut residents so vehemently oppose.

Rabinowitz said one possible remedy to segregation is the effort in Connecticut to build more affordable housing. In theory, that will bring more lower-income residents to wealthier areas, increasing economic diversity.

There is another strategy that recently received strong bipartisan support: Increasing state funding for schools that can’t get what they need through local property taxes. Both Democrats and Republicans pushed for that in the recent legislative session, resulting in a school funding boost of about $192 million (though many feel schools are owed around $800 million). 

In theory, state money can reduce the resource gap between the wealthiest and least wealthy districts. That’s why it’s also one of the solutions to segregation that Brown’s Promise proposes. The organization argues enhanced state-level funding dramatically increases resources for underserved students and makes their schools look more attractive.

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But although McCrory said he supports increasing state funding for Connecticut schools, he’s not optimistic that this alone would promote integration.

“We tried multiple times to direct more resources into those communities [that are] financially behind. That doesn’t always equate to better outcomes for students,” McCrory said.

Rabinowitz, who spent much of her career working in Bridgeport and served as the district’s superintendent, disagreed.

“Yeah, you know, they increased the funding, but it never was enough,” Rabinowitz said. “It was never the amount of funding that was predictable and enough to let me lower class size and provide reading interventionists and to provide behavior interventionists, et cetera.”

Rabinowitz said many teachers who left the district told her they weren’t doing so for a better salary elsewhere.

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“They were leaving because I did not have the systems in place to make them feel successful. And they were right. I didn’t, because I didn’t have the resources,” Rabinowitz said.

She said she’s hopeful that Gov. Ned Lamont’s Blue Ribbon Commission on K-12 Education Funding and Affordability will lead to meaningful reforms.

“More than 40 years ago, I was fighting the same battles. And I hope that before I finish my career, we can have a significant impact,” Rabinowitz said. “And I do believe this funding commission might be significant. I’m hoping it is.”

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