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Yale researchers say long‑run pension underperformance persists; urge standard benchmarks and independent oversight
Summary
Yale researchers presented an independent 50‑state comparison showing Connecticut’s pension performance lagged historically and recommended statutory oversight, consistent 50‑state benchmarks, limits on any single external manager, clearer exit criteria and dashboard reporting. They praised recent improvements while urging more durable governance changes.
Yale researchers Steven Tian and Professor Sonnenfeld told the Finance, Revenue and Bonding Committee that an independent 50‑state aggregation shows Connecticut’s pension returns were among the poorest in the nation through mid‑2022, even as the treasurer’s office has reported strong recent gains.
Sonnenfeld summarized the research approach and results, saying the team calibrated annual reports across states to produce an apples‑to‑apples comparison. "As of 06/30/2022, Connecticut had the second worst performance of any state in a 3 and 5 year…
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