Investment Restrictions
Investment Restrictions
Pursuant to the authority and duties of the Treasurer under Connecticut law, including without limitation Sections 3-13d, 3-13(g) and 3-21e of the Conn. Gen. Stat., the Investment Policy Statement and common law standards of fiduciary duty, the Treasurer may divest or decide to not further invest assets of the Connecticut Retirement Plans and Trust Funds (“CRPTF”). Primary among the Treasurer’s considerations is the long-term economic benefit of any investments. These requirements are embedded in the investment process and incorporated in all contracts under which CRPTF assets are invested.
The Treasurer’s investment restrictions are consolidated into the Restricted Investments List. The Restricted Investments List identifies the companies in which CRPTF assets may not be invested. These include restrictions:
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Pursuant to the Treasurer’s statutory investment restriction authority, which were previously separately published as the Iran and Sudan lists;
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Pursuant to the Treasurer’s Private Prisons Policy, implemented June 2025, regarding companies engaged with the operation or management of private prisons within the United States;
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Pursuant to the Treasurer’s Responsible Gun Policy, first announced in December, 2019, regarding companies engaged in the manufacture of civilian firearms; and
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Pursuant to other Treasurer policies implemented from time to time.
The restrictions described in the Restricted Investments List are in addition to any restrictions or other sanctions that may be promulgated by the U.S. Office of Foreign Assets Control, other federal entity, or as may be required by contract with the Office of the Treasurer.
No CRPTF assets may be invested in any securities issued or guaranteed by the companies on this list, including without limitation the securities specifically listed therein. The Treasurer’s office will seek confirmation of compliance during quarterly and annual performance reviews with managers and the annual global risk assessment certification.
For more information:
Restricted Investments List – Effective July 1, 2025
Statutory Investment Restriction Authority (Sudan and Iran laws)
Sudan: Connecticut's Sudan Law, passed in 2006, was created in response to the genocide perpetrated against the people of the Darfur region of that country. Since 2006, Connecticut has engaged with dozens of companies, using its influence where possible to encourage companies to act responsibly and not take actions that promote or enable human rights violations. The Office of the Treasurer has determined, for a limited number of companies, that divestment and prohibition of future direct investment was warranted, based upon statutory criteria. Each fiscal year, the Treasurer reports to the Investment Advisory Council on activities under the Sudan law.
Iran: Connecticut's Iran law (a remnant from the 1980s hostage crisis during the Carter presidency) was amended in 2011, bringing the statute up-to-date in response to concerns over that country's nuclear development program and support of international terrorism. Like the Sudan law, the amended Iran law provides for engagement with companies doing business in Iran, seeking to ensure that the company's conduct does not facilitate Iran's nuclear development or support for terrorist groups. The Treasurer has determined, for a limited number of companies, that divestment and prohibition of future direct investment was warranted, based upon statutory criteria. Each fiscal year, the Treasurer reports to the Investment Advisory Council on activities under the Iran law.