NC Pension Fund

A picture of an empty wallet.
401(K) 2012 / Creative Commons

Some North Carolina state senators are trying to phase out traditional public employee pensions and government retiree health coverage to prevent the state's shortfall for those financial obligations from worsening.

Senate Republicans revived debate Wednesday over the future of employee retirement benefits by discussing their bill in committee.

Janet Cowell
nctreasurer.com

State Treasurer Janet Cowell is meeting with legislators this short session to push her proposed pension investment reforms.  But the reforms don’t include who runs the pension fund. 

This is what Treasurer Janet Cowell says she’s been hearing in the state senate.

“Because some people say if it’s not broken, don’t fix it.”

Cowell says in the short session, she’s pushing for an independent audit and greater transparency, but talk of moving the $86 billion pension fund from a sole fiduciary investment system to a board-of-trustee model should wait until next year.

Bertie County schools has a deficit of $700,000.
RambergMediaImages / Flickr/Creative Commons

There's a good chance Treasurer Janet Cowell will give up sole control of the state pension fund.

A commission set up to review North Carolina’s Retirement Systems investment program has recommended the state shift how the pension fund is run.

The North Carolina Investment Fiduciary Governance Commission recommends the state move from a sole fiduciary investment system to a model governed by a board of trustees.