The Middletown Press (Middletown, CT)
Turnover troubles in state treasurer’s office
Head of retirement plans departs
HARTFORD — After just 10 days on the job, the head of the state’s retirement plans has left his position at the state treasurer’s office.
Sean Crawford, now former chief investment officer of the Connecticut Retirement Plans and Trust Funds, departed the Treasury last week, the agency confirmed Friday.
“This is an unfortunate situation,” said state Treasurer Denise Nappier. “Going forward, I wish Sean the very best in his future plans.”
The Treasurer’s office would not elaborate on the reason for Crawford’s departure.
Crawford’s job was to help Nappier manage billions in state pensions, which are only partially funded. Without intervention, the state may be obligated to pay up to $6.2 billion annually toward the funds by 2032, the Center for Retirement Research at Boston College predicts.
Nappier has now appointed Laurie Martin to the chief investment officer job. Martin joined the Treasury in October 2016 as deputy chief investment officer.
“This is an appointment well deserved,” Nappier said.
Martin served as the interim CIO for 15 months after the last permanent CIO, Deborah Spalding, resigned in February 2017 after three years with the Treasury.
Spalding made $347,578.66 as CIO in fiscal year 2016, the last full fiscal year she worked for the state. She is now managing director at Wilton-based Commonfund, an asset management fund, which oversees $24.9 billion.
Before his brief stint in the treasurer’s office, Crawford was the CIO of the New York Metropolitan Transit Authority, where he worked for three years before his departure in early May.
Crawford did not respond to a request for comment.
Turnover troubles
After holding the office for 20 years, Nappier, a Democrat, is not seeking re-election to state treasurer.
Republican candidates vying to take her seat viewed Crawford’s departure as an indication of trouble in the office.
“Assuming that it is not a personal issue, it is never a good sign to have turnover like that in business or in government,” said Republican treasurer candidate Art Linares, a Westbrook state senator. “He must have realized that you can’t invest your way out of this problem that we are in.”
Continual turnover has plagued the treasurer’s office, said Thad Gray, the Republicanendorsed treasurer candidate.
“I am very disturbed by the trend of continual turnover in that office and it’s a sign we need continuity and professionalism in the treasurer’s office,” he said. “There is new leadership needed.”
Democrat Dita Bhargava defended Nappier’s office, however.
“Denise Nappier inherited a virtually unsolvable pension problem due to decades of neglect from our state political leaders on both sides of the aisle,” she said in a statement. “Hiring top talent to work in this office, including people from outside Hartford's usual political spheres, will be one of my top priorities."
Democratic endorsed candidate Shawn Wooden declined to comment.