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Page 1: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Office of Connecticut State Treasurer

Denise L. Nappier

2017 Public Finance Outlook Conference

0

Page 2: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Table of Contents

Short-Term Investment Fund Page 2

Municipal Employees’ Retirement Fund Investment Overview Page 21

Connecticut Labor Market Overview and Outlook Page 34

Protecting Your Town from Cyber Hacking and Theft Page 91

1

Page 3: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Short-Term Investment Fund

22nd Annual Investors Meeting

March 29, 2017

Michael M. Terry, CFA

Principal Investment Officer

Cash Management Division

2

Page 4: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Primary Objectives

STIF’s mandate is to provide:

• Safety

• Liquidity

• Yield

3

Page 5: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Short-Term Investment Fund – Safety Conservative Portfolio Composition

The STIF portfolio remains conservative with a focus on

government/agency, bank and highly rated corporate issuers.

A-1 and A-2 rated investments average a 1 day maturity and all A-2

investments are backed by a letter of credit from a Federal Home Loan

Bank.

A-1+ amount includes repurchase agreements with

banks rated A-1 or better

4

Page 6: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Short-Term Investment Fund – Safety Conservative Portfolio Composition

STIF has been actively

diversifying the

portfolio across

markets while only

investing in the

strongest issuers.

5

Page 7: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Short-Term Investment Fund – Safety Designated Surplus Reserve

Contributions to reserves:

$904 thousand during Fiscal 2016

$2.2 million Fiscal 2017 to date (1/31/17)

$2.8 million over the last 12 months (1/31/16 – 1/31/17)

6

Page 8: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Short-Term Investment Fund – Safety

Regular Stress Testing

STIF’s portfolio is tested monthly under various interest rate

scenarios, changes in risk premiums and investor redemptions.

The portfolio consistently proves resilient to changes.

7

Page 9: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Short-Term Investment Fund – Liquidity Significant Liquidity

Overnight Investments or investments that are available on a same-day or next-day basis.

As of January 31, 2017, one-day liquidity stood at 53

percent of the portfolio.

8

Page 10: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Short-Term Investment Fund – Liquidity Investor Composition

The State Treasury continues to be the single largest investor in

STIF.

Local governments, with approximately $1.3 billion in STIF

deposits, represented 21% of the fund as of January 31, 2017.

One day liquidity was approximately 2.5x municipal deposits.

9

Page 11: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Short-Term Investment Fund – Liquidity Weighted Average Maturity

STIF’s WAM, at 33 days, remains conservative and well below its

guidelines and AAAm fund requirements.

* IMoneyNet’s First Tier Institutions-Only AAA-Rated Money Fund Report (MFR) Averages Index.

* IMoneyNet’s First Tier Institutions-Only AAA-Rated Money Fund Report (MFR) Averages Index.

10

Page 12: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Short-Term Investment Fund - Yield Recent Performance

STIF has kept pace with the increases to the Federal Funds target range.

11

Page 13: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Short-Term Investment Fund – Performance Period ending June 30, 2016

During FY 2016, STIF outperformed our benchmark by 14 bps.

Returned an additional $7.0 million to investors above the benchmark.

During the Nappier administration, STIF has provided investors with over

$200 million in additional income.

* IMoneyNet’s First Tier Institutions-Only AAA-Rated Money Fund Report (MFR) Averages Index.

12

Page 14: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Short-Term Investment Fund Recent Performance

For Calendar Year 2016, STIF outperformed

benchmark by 16 bps (0.42% vs. 0.26%), thereby

earning an additional $8.2 million for investors.

Fiscal year-to-date (1/31/2017), the average rate on

STIF was 15 basis points higher than the average

rate on the benchmark (0.48% vs 0.33%), thereby

earning an additional $4.9 million for investors.

13

Page 15: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Market Report Overview

The shift from monetary policy to fiscal policy is

currently underway with monetary policy

becoming tighter and fiscal policy proposals

becoming the driver.

Risk has shifted from financial to

political/geopolitical, the latter being harder to

model and/or determine the effects on markets.

14

Page 16: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Market Report Federal Funds

Based on the futures market’s implied probabilities,

there is a greater than even chance that the FOMC

increases rates in June and December for a total of

three hikes in 2017.

Source: Bloomberg world interest rate probabilities

15

Page 17: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Market Report Federal Funds

The range of forecasts by FOMC members has become

narrower.

16

Page 18: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Market Report Short-Term Yield Curve

Source: Bloomberg

Rates have increased and the short-term yield curve has

steepened due to Fed policy actions and concerns

regarding inflation.

17

Page 19: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Going Forward

We believe that there will be approximately two

more hikes to the Federal Funds rate during

calendar 2017.

As a result, we are positioning the portfolio in order

to capitalize of the rate hikes and measuring

prospective investments versus these expectations.

Credit will continue to play an active role in the

portfolio as we determine which risks make the most

sense.

18

Page 20: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Thank you!

Cash Management Division

Lawrence A. Wilson, CTP

Assistant Treasurer - Cash Management

(860) 702-3126

[email protected]

STIF Investment Management

Michael M. Terry, CFA

Principal Investment Officer

(860) 702-3255

[email protected]

Marc R. Gagnon

Securities Analyst

(860) 702-3158

[email protected]

Paul A. Coudert

Investment Officer

(860) 702-3254

[email protected]

Peter A. Gajowiak

Securities Analyst

(860) 702-3124

[email protected]

STIF Investor Services Barbara Szuba

Accountant

(860) 702-3118

Email: [email protected]

Investment Transactions 1-800-754-8430

STIF Express Online Account Access www.state.ct.us/ott/STIFHome.htm

19

Page 21: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Office of Connecticut State Treasurer

Denise L. Nappier

2017 Public Finance Outlook Conference

20

Page 22: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Laurie Martin, CPA

Interim Chief Investment Officer

Municipal Employees’ Retirement Fund

Investment Overview

March 29, 2017

21

Page 23: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Agenda

Market Overview

Municipal Employees’ Retirement Fund

(“MERF”) Performance Update

Calendar year 2016 results

Liability Profile of MERF

21 22

Page 24: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Market Overview Global Growth Consistently Led by US Equity

1yr 3yr 5yr 7yr

Emerging Markets Equity 10.18% -2.13% 1.85% 0.91% International Equity 1.59% -1.03% 7.13% 4.38%

Domestic Equity 12.72% 8.42% 14.65% 12.91%

MERF Equity Targets

Emerging – 7%

International – 14%

US – 16%

-4.00%

-2.00%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

16.00%

Emerging Mkt Index EAFE Index Russell 3000 IndexSource: Bloomberg

23

Page 25: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Market Overview Strength of US Dollar Relative to International Currencies

Much of the relative

outperformance in US

equities has been driven

by dollar strength

Local currency returns in

non-US developed

markets have fared much

better

The non-US developed

market equity exposure

in MERF has a 50% US

dollar hedge which has

continued to benefit the

portfolio

75

80

85

90

95

100

105

De

c-1

1

Mar

-12

Jun

-12

Sep

-12

De

c-1

2

Mar

-13

Jun

-13

Sep

-13

De

c-1

3

Mar

-14

Jun

-14

Sep

-14

De

c-1

4

Mar

-15

Jun

-15

Sep

-15

De

c-1

5

Mar

-16

Jun

-16

Sep

-16

De

c-1

6

US Dollar Index

Source: Bloomberg

24

Page 26: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Market Overview Improved Economics in the US

All S&P 500 sectors, except Healthcare, had positive returns for the year ending

December 31, 2016 with Energy performing the best as oil prices stabilized

Healthcare stocks declined with the uncertainty around policy changes

-2.7%

5.4%

6.0%

13.9%

16.3%

16.7%

18.9%

22.8%

23.5%

27.4%

-10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%

Healthcare

Consumer Staples

Consumer Discretionary

Information Technology

Utilities

Materials

Industrials

Financials

Telecomm

Energy

Source: Bloomberg – US Equity Sector returns for Calendar Year 2016

25

Page 27: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Market Overview The Rise in Oil Prices

Strong global oil demand outweighing supply drove prices up

approximately 80% during 2016

26

Page 28: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Market Overview Strong High Yield Bond Returns Within Fixed Income

High yield bond spreads to Treasuries narrowed further during the year

due to oil price rebounds followed by anticipated pro-business initiatives

Energy sector represents 17% of this market

MERF’s High Yield investments returned 15.8% for the year

300

400

500

600

700

800

900

Jan

-16

Jan

-16

Feb

-16

Feb

-16

Mar

-16

Mar

-16

Ap

r-1

6

Ap

r-1

6

May

-16

May

-16

Jun

-16

Jun

-16

Jul-

16

Jul-

16

Au

g-1

6

Au

g-1

6

Sep

-16

Sep

-16

Oct

-16

Oct

-16

No

v-1

6

No

v-1

6

De

c-1

6

De

c-1

6

High Yield - Spread to Treasury

1400

1450

1500

1550

1600

1650

1700

1750

1800

1850

Jan

-16

Jan

-16

Feb

-16

Feb

-16

Mar

-16

Mar

-16

Ap

r-1

6

Ap

r-1

6

May

-16

May

-16

Jun

-16

Jun

-16

Jul-

16

Jul-

16

Au

g-1

6

Au

g-1

6

Sep

-16

Sep

-16

Oct

-16

Oct

-16

No

v-1

6

No

v-1

6

De

c-1

6

De

c-1

6

High Yield - Index

Source: Bloomberg Source: Bloomberg

27

Page 29: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Market Overview Fiscal and Monetary Policy Drove Inflation in China

China introduced new stimulus measures to move from deflation to rising inflation in an attempt to grow its economy

Market volatility continues to be a key concern for this market as China represents 27% of the Emerging Markets index

MERF’s Emerging Markets Equity investments returned 12.9% for the year

28

Page 30: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

MERF returned 8.7% net of all fees and expenses vs. 8.9% for the benchmark Equities outperformed fixed income

Strongest performance from emerging markets and US equity as well as high yield bonds

Calendar Year 2016 Performance Highlights

Bonds 35%

Equities 37%

Alteratives 25%

Cash 3%

MERF Asset Allocation

29

Page 31: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

MERF Returns as of December 31, 2016

MERF has generated strong performance across all asset classes

1 Year Performance: +8.7% vs. +8.9% for the benchmark

5 Year Performance: +7.4% vs, +7.5% for the benchmark

One Year Returns Five Year Returns

0.0%

5.0%

10.0%

15.0%

20.0%

MERF Benchmark

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

MERF Benchmark

30

Page 32: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

MERF – Liability Profile As of June 30, 2016

* The actuarial valuation is conducted every two years. These numbers are based on the last

valuation which took place in 2016. The next valuation is scheduled for 2018.

Source: Connecticut Municipal Employees Retirement System Actuarial Valuation Report

Prepared as of June 30, 2016 by Cavanaugh Macdonald, dated January 12, 2017

Liability Position

MERF

Active Members 9,373

Retired Members and Beneficiaries 7,102

Actuarial Value of Assets (mil.)* $2,445.5

Actuarial Value of Liabilities (mil.)* $2,840.3

Unfunded Actuarial Accrued Liabilities (mil.) $394.8

Funded Status 86.1%

Return Assumption 8.00%

31

Page 33: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Thank you!

32

Page 34: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Office of Connecticut State Treasurer

Denise L. Nappier

2017 Public Finance Outlook Conference

33

Page 35: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

More of the Same Yet Everything Seems Different:

Connecticut Labor Market Overview and Outlook

Patrick J. Flaherty Assistant Director of Research and Information

Connecticut Department of Labor

Office of the State Treasurer Public Finance Outlook Conference

East Hartford, Connecticut March 29, 2017

34

Page 36: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

35

Page 37: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

CONNECTICUT AND THE NATION

36

Page 38: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Unemployment Rate

37

Page 39: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

U.S. Employment Indicators

38

Page 40: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

39

Page 41: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

40

Page 42: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Connecticut Payroll Employment

41

Page 43: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

CONNECTICUT INDUSTRIES

42

Page 44: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

43

Page 45: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

44

Page 46: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Finance and Health Employment

45

Page 47: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Finance, Health, & Manufacturing Employment

46

Page 48: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Connecticut Employment Year Ending 2016 Q3

47

Page 49: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Employment Change This Year Health Care and Social Assistance

48

Page 50: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

49

Page 51: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Connecticut Employment General Medical and Surgical Hospitals

50

Page 52: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Connecticut Employment Nursing Care Facilities

51

Page 53: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Connecticut Employment Home Health Care Services

52

Page 54: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Connecticut Employment Manufacturing – Year Ending 2016Q3

53

Page 55: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Connecticut Employment Change Manufacturing – Year Ending 2016Q3

54

Page 56: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Connecticut Manufacturing New Hires Stable Hires Per Quarter

55

Page 57: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Connecticut Employment Ship and Boat Building

Data significantly distorted, fuzzed value released

56

Page 58: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

EMPLOYMENT BY AREA AND TOWN

57

Page 59: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Payroll Employment Statewide and Largest Labor Market Areas

58

Page 60: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Connecticut Annual Housing Permits

59

Page 61: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Employment Change by Town Eastern Connecticut

60

Page 62: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Employment Change by Town North Central Connecticut

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Page 63: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Employment Change by Town Northwest Connecticut

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Page 64: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Employment Change by Town South Central Connecticut

63

Page 65: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Employment Change by Town Southwest Connecticut

64

Page 66: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

POPULATION, DEMOGRAPHICS & PROJECTIONS

65

Page 67: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Births in Connecticut

66

Page 68: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Connecticut Population Age 5 to 9

67

Page 69: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Connecticut Population Age 10 to 14

68

Page 70: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Connecticut Population Age 15 to 19

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Page 71: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Connecticut Population Age 20 to 24

70

Page 72: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Connecticut Population Age 65 and Over

71

Page 73: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

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Page 74: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Change in U.S. Labor Force 2014 to 2024 by Age

73

Page 75: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Change in U.S. Labor Force 2014 to 2024 by Race or Ethnic Group

74

Page 76: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

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Page 77: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

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Page 78: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

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Page 79: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Connecticut Projections By Industry 2014 to 2024

78

Page 80: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Connecticut Projections Health Care Employment 2014 to 2024

79

Page 81: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Connecticut Projections Professional Services 2014 to 2024

80

Page 82: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Connecticut Projections Minimum Education for Growth Occupations 2014-2024

81

Page 83: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Connecticut Total Openings 2014-2024 by Median Wage & Minimum Education

82

Page 84: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Connecticut Employment by Size of Firm

83

Page 85: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Connecticut Employment Change by Size of Firm

84

Page 86: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Connecticut Employment Change by Size of Firm

85

Page 87: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Connecticut Employment Change

By Race By Ethnicity

86

Page 88: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

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Page 89: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

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Page 90: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Connecticut Department of Labor Office of Research

89

Page 91: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Office of Connecticut State Treasurer

Denise L. Nappier

2017 Public Finance Outlook Conference

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Page 92: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Panelists:

David Geick, Director, IT Security Services

Bureau of Enterprise Systems and Technology

Christopher Hauser, 2nd Vice President, Cyber Risk

Travelers Companies, Inc.

Jack McCoy, Chief Information Officer

Town of Manchester

Moderator:

Catherine E. LaMarr, General Counsel

Office of the Treasurer

Protecting Your Town from

Cyber Hacking and Theft

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Page 93: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Schedule of Presentation

You’ve Been Hacked!

Proper Preparation Prevents Poor

Performance

Pay Me Now or Pay Me [More?] Later

Q & A

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Page 94: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Resources

Cybersecurity Checklist for Cities http://www.ott.ct.gov/Cashdocs/CybersecurityChecklistforCities.pdf

Mitre Co STIX TAXII List http://www.ott.ct.gov/Cashdocs/MitreCoSTIXTAXIIList.pdf

Cyber Guide https://www.travelers.com/travelers-institute/cyber/resources/cyber-guide.aspx

Cyber Risk Pressure Test https://www.travelers.com/quiz/cyber-security/cyber-risk-pressure

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Page 95: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Thank you!

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Page 96: Office of Connecticut State Treasurer Denise L. NappierSTIF’s portfolio is tested monthly under various interest rate scenarios, changes in risk premiums and investor redemptions.

Office of Connecticut State Treasurer

Denise L. Nappier

2017 Public Finance Outlook Conference

95


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