The treasurer of Connecticut is crediting President Donald Trump’s election with the 13.43 percent net return on the state’s pension fund.
“Connecticut’s pension funds have certainly benefited from the bullish equity markets since President Trump was elected,” said Democrat Denise Nappier, according to the Journal Inquirer.
“Driven largely by expectation of favorable tax policies, deregulation, and increased spending on infrastructure,” she said the fund has “generated very strong results, both for the one-year period ending Jan. 31, 2017, and for calendar year 2016.”
Nappier reportedly attributes the growth this year to lower unemployment rates, a more favorable climate for manufacturing, and more robust corporate profits.
The state treasurer reported the Connecticut Retirement Plans and Trust Funds for teachers and state employees – valued on the market at $30.89 billion – jumped by $830 million between October 31, 2016, and January 31, 2017. Additionally, returns on the teacher and state employee retirement funds “exceeded their actuarial assumptions,” said the news report.
Between October 31, 2016, and January 31, 2017, the teachers’ fund grew from $15.99 billion to $16.39 billion, while the state employees’ fund showed a jump from $10.94 billion to $11.26 billion.