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CT Children's Medical CTR Cash Balance Retirement
The plan was established in 1994 alongside the medical center, providing retirement security for employees of Connecticut Children's.
CT Children's Medical CTR Cash Balance Retirement
The plan was established in 1994 alongside the medical center, providing retirement security for employees of Connecticut Children's. It operates as a noncontributory defined benefit pension — a structure that places the full funding and investment responsibility on the hospital system rather than individual participant contributions. James E. Shmerling serves as President and CEO of the parent organization, while CFO Bridgett Feagin holds fiduciary accountability for the plan's administration. The portfolio blends public and private exposures. Equity mutual funds form the equity sleeve, while multi-asset balanced mutual funds — including foreign-domiciled balanced funds — provide diversified core holdings. The limited partnership interests introduce private market exposure, though specific fund names and commitment sizes are not publicly disclosed. Real property assets tied to the medical center's mission include the main campus at 282 Washington Street, a new clinical tower, and administrative headquarters at 10 Columbus Boulevard in Hartford. The geographic footprint concentrates in Connecticut, with satellite properties such as the Farmington Infusion Center and an East Hartford warehouse. Total plan assets are estimated at $81 million (Altss estimate). The medical center maintains a Care Alliance with Hartford HealthCare to coordinate clinical delivery across the state, and the plan's fiduciaries benefit from institutional knowledge through the Children's Hospital Association network. In July 2025, Connecticut Children's named Shannon Sullivan as its next President and CEO, a succession event that will eventually reshape the governance layer above the plan's investment committee. As a single-employer plan embedded within a nonprofit health system, the fund's mandate differs structurally from pooled public pension vehicles. It does not report to a state investment council nor face the same transparency requirements. Liability-driven considerations — matching the cash balance obligation to participant accounts — likely constrain illiquidity tolerance in ways that endowment portfolios with perpetual horizons do not encounter.
General information
Firm type
Pension Fund
Year founded
1994
AUM
$81 million (Altss estimate)
Location
Region
North America
Country
United States
City
Hartford
Corporate office
Hartford, CT, United States
Principals
James E. Shmerling
President and CEO, Connecticut Children's Medical Center
Shannon Sullivan
Incoming President and CEO, Connecticut Children's Medical Center
Altss tracks 1 additional named team member for this firm — including direct investment leads, IR, and operating principals not listed on the public website.
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Frequently asked questions
Who is responsible for investment decisions at the CT Children's Medical Center Cash Balance Retirement plan?
Ultimate fiduciary responsibility lies with the senior leadership of Connecticut Children's Medical Center, with CFO Bridgett Feagin overseeing financial operations. The plan does not disclose a dedicated internal investment committee by name, but plan governance typically falls under the finance and audit committee structure of the parent health system. James E. Shmerling, as President and CEO, has held top accountability during his tenure, with Shannon Sullivan set to assume that role.
Is the plan open to new participants?
The plan is described as a noncontributory defined benefit plan covering employees of Connecticut Children's. As a cash balance design, each participant holds a notional account that grows with annual pay credits and interest credits. Public disclosures do not specify whether the plan is currently open to new hires or has been frozen, a common scenario for hospital-defined benefit plans.
How does the plan allocate between public and private investments?
The portfolio includes equity mutual funds, multi-asset balanced mutual funds, and limited partnership interests. Without a publicly filed annual report, the precise split between public and private assets is not available. The real property holdings tied to the hospital's operations — the main campus, clinical tower, and administrative buildings — are enterprise assets of the medical center rather than plan investments.
What is the plan's relationship to Connecticut state pension systems?
The plan has no connection to the Connecticut Retirement Plans and Trust Funds. It is a single-employer plan sponsored by Connecticut Children's Medical Center, a nonprofit health system, and is not part of any municipal or state retirement system. Its funding status and investment policy are determined solely by the medical center's board and leadership.
Does the plan participate in co-investments or direct deals?
The limited partnership interests suggest access to private funds, but there is no public evidence of direct co-investment activity, separate accounts, or club-deal participation. As a sub-$100 million plan, the priority is likely diversified fund commitments rather than concentrated direct positions.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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