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Yale researchers tell Connecticut committee the state lost billions under current pension governance; propose board oversight
Summary
University researchers testified that Connecticut's sole‑fiduciary model for managing public pension investments underperformed peer states by billions over decades and urged the legislature to create a fiduciary oversight board to provide checks and attract more experienced managers.
A panel of academics from Yale told the Finance, Revenue and Bonding Committee that Connecticut's governance structure for state pension investments — a sole fiduciary model — left the state with billions of dollars in foregone returns over decades and encouraged a governance change.
Nut graf: Professors and research staff with deep analysis of pension returns urged the committee to move Connecticut toward a board‑governance model that provides fiduciary checks and continuous expert oversight, arguing that the state's long‑term underperformance is not a personnel issue but a structural one.
Professor Jeffrey Sonnenfeld, founder of the Yale…
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