Connecticut
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%.
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.
Keith M. Phaneuf is a reporter for The Connecticut Mirror (https://ctmirror.org). Copyright 2026 © The Connecticut Mirror.
Connecticut
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.
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.
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.
Werhan was held on a $5,000,000 cash bond and is scheduled to appear in Torrington Superior Court in Connecticut on Wednesday morning.
Connecticut
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.”
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.
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.)
Connecticut
Report: CT schools among the most segregated in the U.S.
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