The North Carolina Retirement Systems ("NCRS") produced landmark earnings during the first six months of 2025. This week at Council of State, Treasurer Brad Briner reported the plan yielded $8 billion in investment returns since he took office on Jan. 1. This is approximately $3.5 billion more than our assumed return. The NCRS outperformed the U.S. stock market and was able to significantly cut down the inherited $16 billion deficit.
Treasurer Briner statement on pension earnings:

https://www.youtube.com/watch?v=DH1OQ5EWWnI
Breaking down the numbers:
- Increase in the first six months: The North Carolina Retirement Systems' ("NCRS") investments had an estimated total percentage return of 6.11% calendar year to date as of June 30. This equates to roughly $7.7 billion gain in those six months (adjusting for $388 million of net benefit payments made from the investments over the period).
- What it would have been without portfolio adjustments: At the end of 2024, the value of the NCRS investments was $126.5 billion and the estimate for June 30 is $133.8 billion which is impacted by investment earnings and $388 million of net benefit payments made. A portion of the estimated investment earnings resulted from repositioning the portfolio over the period (approximately $276 million).
- How much does this chip away at our deficit: The actuarial required rate of return is 6.50% on an annual basis, 3.25% over six months. If the plan earned only the 3.25% for the period, the gain would have been roughly $4.1 billion rather than $7.7 billion. The plan therefore added roughly $3.6 billion in value over the first six months of the year relative to the actuarial required rate of return.