TREASURER HOSTS FIRST MEETING OF THE ECE ADVISORY BOARD

09/19/2025

TREASURER HOSTS FIRST MEETING OF THE ECE ADVISORY BOARD

HARTFORD, Connecticut - The Office of the State Treasurer hosted the inaugural meeting of the Early Childhood Education Endowment Advisory Board today at the State Office Building in Hartford. By statute, State Treasurer Erick Russell is charged with administering, investing, and distributing the funds in the Endowment.

The Advisory Board was created under Public Act 25-93 to oversee and guide the implementation of this first-in-the-nation Endowment, a permanent fund designed to expand access to high-quality, affordable early care and education for Connecticut families. It was established with an initial $300 million transfer from the FY 2025 state budget surplus, which was invested under the direction of Treasurer Russell to ensure long-term sustainability.

Treasurer Russell presented the first actuarial report for the Endowment at the meeting and announced that the Endowment had already grown by 2.5% to $307.5 million.

"This Advisory Board brings together early childhood education professionals, legislators, and community leaders to ensure that every dollar of the endowment is invested in the future of our children," said Treasurer Russell. "Connecticut is leading the nation by building a lasting, independent funding source for early childhood education, and it will benefit families and strengthen our workforce for generations."

OEC Commissioner Beth Bye said, "This first meeting of the Early Childhood Education Endowment Advisory Board marks an important milestone in launching the Endowment to expand access to affordable child care through Early Start CT and Smart Start to Connecticut's families. Governor Lamont and legislative leaders, by passing the Endowment into law, have put Connecticut on a promising path to build a high-quality early care and education system that works for children and families, providers, and our state's economy."

OEC Deputy Commissioner Elena Trueworthy said, "We look forward to working as partners with the Office of the State Treasurer in the role as the fiduciary of the Early Childhood Education Endowment and administrator of the Advisory Board. Senator Ceci Maher and Representative Kate Farrar, serving as the legislative chairs of the Advisory Board, exemplified strong leadership, working with the Governor and OEC, to pass this Endowment into law."

State Sen. Ceci Maher said, "This endowment represents an historic investment in the children of Connecticut and in future generations. It is our responsibility to ensure thoughtful use of the funds to aid families and providers and secure the infrastructure needed for Connecticut. With the endowment, we have an opportunity to enact generational change and positively impact children's growth and development. The lifelong value of early childhood education will bear benefits for years to come, and we look forward to building a new childcare landscape for all."

State Rep. Kate Farrar said, "Connecticut made a historic investment in early childhood education with the establishment of the Early Childhood Education Endowment this legislative session. Now, the first meeting of the Endowment Advisory Board begins its crucial role to ensure that endowment funds are invested effectively and responsibly. The Advisory Board will provide oversight and provide recommendations to meet the goals of the Endowment to expand affordable and accessible high-quality child care across our state and support the early childhood educator workforce. I look forward to working with the members of the Board to fulfill our commitment to our kids and build a strong foundation for the future for our families, educators, and economy."

The Early Childhood Education Endowment will fund:

• Expanded opportunities that make early childhood care and education available at no cost to families enrolled in Early Start CT who earn up to $100,000 per year, and on a sliding scale of no more than 7% of income for families earning more than $100,000 per year beginning in FY 2028.
• Expanded access for infants and toddlers, with at least 35% of new spaces dedicated to this underserved population.
• Support for the childcare workforce, including educator wage parity, scholarships, and a new health insurance subsidy program.
• Quality improvement requirements to ensure strong educational outcomes and family engagement.

The ECE Endowment Advisory Board will meet quarterly and will host an annual public hearing prior to issuing its report to the General Assembly.

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About the Office of the Treasurer

The Office of the Treasurer is charged with safeguarding Connecticut's financial resources through prudent cash management and debt management, with the State Treasurer serving as principal fiduciary for six state pension and twelve state trust funds. Additionally, the Office enhances the state's fiscal stability through programs promoting financial literacy and college savings, and leverages business partnerships to support the advancement of Connecticut's social and policy priorities, including combating gun violence and protecting our environment. The Office of the Treasurer is led by State Treasurer Erick Russell, the first Black out LGBTQ person to win an election for statewide office in American history. To learn more, visit portal.ct.gov/ott.

Contact: Brett Cody
[email protected] | (959) 529-2468