Hartford City Treasurer Carmen Sierra abruptly resigned Monday following months of public controversy surrounding oversight of the city’s $1 billion-plus municipal pension fund.
In a letter addressed to Pension Commission Chairman Gene Goldman, Commissioner Nicholas Parrotta, Mayor Arunan Arulampalam and City Council President Thomas J. Clarke II, Sierra said she is retiring effective immediately because of family circumstances.
“After 14 years of dedicated service as Assistant City Treasurer and Treasurer, this decision comes after deep reflection and is rooted in profoundly personal circumstances,” Sierra wrote, citing the recent death of her mother and her father’s serious illness.
She apologized for the abrupt departure and said she would assist with the transition “to the extent possible.”
Her mother, Celia Haydee Sierra of Hartford, died March 26. She was 85.
In a statement emailed to Hartford Business Journal, Arulampalam extended his gratitude to Sierra for her “years of dedication service” to the city and wished her well in retirement.
“While we navigate this sudden transition, I remain committed to ensuring transparency in the management of our city’s pension dollars as the office moves forward,” he added.
Sierra was elected city treasurer in 2023 after serving as assistant city treasurer and pension plan administrator. She oversees the city’s investments, cash management and pension portfolio, which exceeds $1 billion.
Her resignation comes after a year of turmoil for the Pension Commission, which oversees the Municipal Employees Retirement Fund (MERF).
The commission has been embroiled in disputes over governance, legal representation and oversight of the pension system. Last year, Sierra questioned whether former State Treasurer Shawn Wooden remained eligible to serve on the commission after moving from Hartford. The matter was resolved in November when the counsel issued a written opinion that concluded the commission was not subject to the city charter’s general residency requirement.
The commission also clashed with Sierra over legal services for the pension fund. The commission raised concerns over the need for three outside attorneys, whether some legal work was unrelated to the MERF, and whether the outside attorneys were providing advice independent of Sierra. The commission sought assistance from the corporation counsel and reduced outside counsel to one attorney.
The controversy intensified in May, when Commissioner Joshua Gottfried was removed by the mayor. Wooden subsequently resigned, stating in his resignation letter that the “ability of the Commission to fulfill its fiduciary duties” to the MERF and the other post-employment benefits trust (OPEB) “have been undermined” by Sierra. His letter also cited concerns raised by Gottfried.
Sierra’s resignation also comes as the city’s Internal Audit Commission has authorized an audit of MERF. The audit became part of a broader dispute this spring after longtime Audit Commission Chairman Bruce Rubenstein claimed he was removed shortly before the commission was preparing to examine the pension system. Sierra denied any connection, saying Rubenstein’s replacement had already been confirmed and that the audit was later reapproved.
Sierra’s resignation letter does not mention those disputes, instead emphasizing her years of public service and the need to devote her attention to her family.
Note: Thomas J. Clarke II is Hartford City Council president. An earlier version of this article incorrectly identified the council president. Additionally, the article has been updated to accurately reflect the Shawn Wooden residency issue, the conflict over use of outside counsel, who was responsible for Gottfried’s removal and the reason for Wooden’s resignation.
