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Statement On MERF Valuation

HARTFORD, CONN (August 24, 2023) – Treasurer Sierra issued the following statement regarding the Portfolio Market Value of the Municipal Employees’ Retirement Fund (MERF) of the City of Hartford, CT.

“On June 30, 2023, the MERF’s investment portfolio was valued at $1.075 billion, up from $1.020 billion a year earlier. This increase was after the payments of pension benefits of $118.8 million.

Based on these results, the MERF’s actuary has estimated that its funded percent shown for the June 30, 2023, GASB report, which is based on the market value of assets, has risen to 66.6% from 63.10% at June 30, 2022.

These results validate our prudent investment approach which incorporates conservative positioning and an emphasis on liquidity, diversification and opportunistic risk taking. In particular, I am pleased to report that our investment approach has helped the MERF withstand the historic market turbulence of the last twelve months. I credit the Pension Commission, my investment team and the continued funding provided by the City and our employees in helping to achieve this result."

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