Public.

State's Largest Pension Funds Returns In Excess Of 16% In 2017 - Pension Assets Grow By $4.2 Billion, Post Highest Calendar Year-End Value

Earlier this year, Governor Malloy suggested a

restructuring of payments into the TRF. Treasurer Nappier challenged that plan because it would constitute a technical default under a bond covenant -something that the State has never before done. She said, "Once that line is crossed, the rating agencies may take a dim view of our promises, the consequences of which we will face for a generation. In fact, a recent report from Municipal Market Analytics confirms that any violation would be a 'clear credit negative'."

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