State and local government retirees could be more likely to receive pension benefit improvements such as a cost-of-living increase (COLA) or one-time supplement following today’s vote by the North Carolina Retirement Systems (NCRS) Boards of Trustees (BOT). The new policy will take effect in 2027.
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For the first time since its creation in 1985 the North Carolina Supplemental Retirement Plans’ (SRP) 401(k) Plan and NC 457 Plan topped $20 billion in investment assets, State Treasurer Brad Briner announced today.
The major milestone was reported at the Supplemental Retirement Board of Trustees’ quarterly meeting. The market value of investments increased from $17.7 billion at the end of 2024 to $20 billion at the close of 2025. The assets have more than doubled in the past seven years. Currently there are 325,714 participants in 401(k) and 457 plans.
The North Carolina Retirement Systems (NCRS) Boards of Trustees (BOT) voted today to modify policies intended to make it easier to give retirees a cost-of-living adjustment (COLA) in their monthly benefit payments, effective in the fiscal year beginning in 2027.
The North Carolina Retirement Systems (NCRS) has released 397,584 electronic 1099R and W2 tax documents for retirees and benefit recipients - well ahead of the statutory Jan. 31 deadline.
By law, NCRS must generate and distribute these tax forms each year. This year, enhanced efficiencies within the Retirement Systems Division enabled NCRS to load nearly 400,000 documents shortly after the holiday weekend.
State Treasurer Brad Briner is offering condolences and prayers to the family and friends of Vernon Gammon today. Gammon passed away over the weekend. In a statement Briner said:
“Vernon Gammon served with distinction on the Board of Trustees of the Teachers’ and State Employees’ Retirement System since 2017. We have appreciated his wisdom and even-keeled leadership on the Board. He was the type of person who listened first and then worked to bring people together to reach consensus on issues before the Board. He will be greatly missed.”
In order for the North Carolina’s pension system to move forward, it has to take a deep dive looking back every five years. Today the North Carolina Retirement Systems (NCRS) Board of Trustees (BOT) got updates needed to determine things like cost-of-living adjustments and employer contribution rates.
There is a long list of factors that goes into determining when COLA’s or one-time bonuses can be recommended. As things stand right now, some of the criteria is not met for 2026 — but no votes would come from the BOT until January.
The North Carolina Retirement Systems (NCRS) is modernizing and improving the user experience. Beginning in early 2026, the ORBIT member portal will launch a streamlined, single sign-on (SSO) login powered by ID.me — a trusted digital identity platform used by federal and state agencies nationwide.
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:
The Local Governmental Employees’ Retirement System (LGERS) Board of Trustees has voted to set new contribution rates that local government agencies must pay into the N.C. Retirement Systems Division for employee pensions, effective July 1.
That was among a number of actions taken at the quarterly meeting of the LGERS and Teachers’ and State Employees’ Retirement System (TSERS) boards of trustees on Thursday, April 24.
State Treasurer Brad Briner is responding to the budget proposal put forward by Gov. Josh Stein today:
“We are disappointed the Governor is proposing for only the second time in 83 years to not fully fund our state’s retirement system. This proposal sent to lawmakers today would create a $206 million shortfall in the funds for our retirees over the next two years,” said Treasurer Briner.
The Treasurer said he is confident legislative leaders will take the needs of the state’s retirees more seriously.