About the Treasury Overview
The Office of the Treasurer includes an Executive Office as well as six divisions, each with specific responsibilities:, Cash Management, Debt Management, Management Services, Pension Funds Management, Second Injury Fund, and Unclaimed Property. The functions of the Treasurer's Office are outlined below.
Executive Office of the Treasurer
The Executive Office is responsible for overall policy, planning and general administration designed to:
- Enhance the financial integrity and soundness of Treasury operations,
- Provide direction and leadership in carrying out Treasury functions and
- Foster economic well-being of the state and its citizens and businesses within the confines of fiduciary standards.
The Office oversees the Treasury's corporate governance program, which was developed in accordance with its fiduciary duty to prudently manage the State's pension assets. The Office is active in promoting environmental, social and governance best practices among the companies that comprise the public equity portfolio of the Connecticut Retirement Plans and Trust Funds ("CRPTF").
The Office also promotes financial education, serving as a catalyst and advocate for financial literacy for residents across the state. Other specific activities include legislative affairs, public information, responsible investment relations, management services, legal services, compliance, and community outreach.
The main objective of the Executive Office is to ensure that the Treasury adheres to the highest order of public values, fiscal prudence and ethics in the conduct of the people's business.
Cash Management is the clearinghouse for all of the State's cash inflows and outflows and is responsible for managing the State's cash transactions, banking relationships, and short-term investments.
Debt Management is the public finance department for the State and is responsible for issuing and managing the State's debt in a prudent and cost-effective manner. The Division issues bonds to finance state capital projects, manages debt service payments and cash flow borrowing, maintains the State's rating agency relationships, and administers the Clean Water and Drinking Water loan programs.
The Management Services Division is responsible for the central management and operations of the Office of the Treasurer including financial reporting, administrative, and support functions. The Division handles this by leading and supervising the strategic workflow of personnel and responsibilities within the following units: Business Services, Financial Services, Human Resources, and Information Technology.
As principal fiduciary for six State pension and nine State trust funds, the Treasurer is responsible for prudently managing the assets for approximately 194,000 teachers, state and municipal employees, and retirees who are pension plan participants and beneficiaries as well as academic programs, grants, and initiatives throughout the state. The Division monitors investment manager performance and selection, and serves as staff to the Investment Advisory Council (IAC).
The Second Injury Fund is a state-operated workers' compensation insurance fund established in 1945 to discourage discrimination against veterans and encourage the assimilation of workers with a pre-existing injury into the workforce. The Fund was closed to new "second injury" claims for injuries sustained on or after July 1, 1995. Today the Fund continues to be liable for those claims transferred prior to the closing of the Fund as well as claims involving uninsured employers, reimbursement of cost of living adjustments for certain injuries involving payment of total disability benefits or dependents' benefits, and, on a pro rata basis, reimbursement claims to employers of any worker who had more than one employer at the time of the injury. The Fund is responsible for adjudicating qualifying workers' compensation claims fairly and in accordance with applicable law, industry standards and best practices.
The Treasurer is responsible for safeguarding assets whose rightful owners cannot be located. These assets include cash from savings, checking and other accounts, uncashed checks, stock and mutual fund proceeds, life insurance proceeds, and other miscellaneous intangible assets. These assets are relinquished to the Treasurer by banks, insurance companies, utilities, brokerages, and businesses. The Treasurer safeguards these assets, publicizes the names of the rightful owners on the www.ctbiglist.com website, and returns the assets to the owners as they are located or come forward.